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Identifying M&A targets and the information content of VC/PEs
Identifying M&A targets and the information content of VC/PEs
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摘要：
The information gap in the M&A market hinders acquirers from effectively identifying high-quality targets. We examine whether VC/PEs convey information content in the M&A market and whether acquirers can use such information to identify high-quality targets. We show that VC/PEs have significant information content and can signal high-quality target companies via ‘‘certification'. When acquirers lack acquisition experience and targets are located in inferior information environments, VC/PE ‘‘certification' is more significant.The better reputation a VC/PE has, the more information it conveys. Syndicate VC/PEs convey stronger information than independent VC/PEs. We also find that acquirers do not pay higher premiums for high-quality targets. Overall, our results suggest that VC/PEs have value relevance in the M&A market,confirming their ‘‘certification' role. We present means for acquirers to select high-quality targets and investors to build efficient portfolios.
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| 篇名 | Identifying M&A targets and the information content of VC/PEs | ||
| 来源期刊 | 中国会计学刊：英文版 | 学科 | 经济 |
| 关键词 | |||
| 年，卷（期） | 2018,（1） | 所属期刊栏目 | |
| 研究方向 | 页码范围 | 33-50 | |
| 页数 | 18页 | 分类号 | F271 |
| 字数 | 语种 | ||
| DOI | |||
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中国会计学刊：英文版
主办单位：
香港城市大学
中山大学
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季刊
ISSN：
1755-3091
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268
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