Читать книгу Equity Markets, Valuation, and Analysis - H. Kent Baker - Страница 68

Cumming, Ji, Johan, and Tarsalewska (2019) consider the possibility that stocks are manipulated before M&As to influence the likelihood of, and the terms of, an M&A transaction. End-of-day (EOD) prices, for example, can influence the price at which acquisition occurs. Cumming et al. (2019) examine M&As from over 45 countries between 2003 and 2014 and show that the presence of EOD target price manipulation before M&As increases the probability of an M&A deal withdrawal, and decreases the premium paid. More detailed exchange-trading rules that govern manipulation across countries and over time lower the probability of withdrawal mitigate the negative impact of EOD manipulation on withdrawal and raise premiums paid. Finally, they show that although fewer cases of acquirer price manipulations occur before M&As, acquirer price manipulation in share M&As also increases the probability of deal withdrawal.