Journal of Corporate Finance · Volume 45, August 2017, Pages 496–521
投资者能预期上市后的并购吗？
作者：Christopher W. Anderson (University of Kansas), Jian Huang (Towson University), G?khan Torna (Stony Brook University)
摘要：基于上市后并购活动的频率和价值影响，我们实证研究了投资者是否可以利用IPO交易结构的信息来预测新上市公司的并购活动。根据一些企业进行IPO以促进未来并购活动的假设，我们发现上市交易结构的各个方面都预测了一个新上市公司是否随后成为投标人或目标。这些特征包括承销商质量、促销活动、定价、收益、所有权结构和提示市场时机的发行活动。投资者似乎依靠公司上市流程的这些可观察的方面来预测并购活动对证券估值的影响。具体来说，当新上市公司IPO交易结构预测收购将要宣布时，股票收益接近于零。相比之下，不太可能或意外的投标人对收购公告的异常回报平均为正。这些结果表明，上市流程对未来并购活动和估值具有重要意义。
关键词：首次公开发行；兼并收购；交易结构；合并预期
Can investors anticipate post-IPO mergers and acquisitions?
Christopher W. Anderson (University of Kansas), Jian Huang (Towson University), G?khan Torna (Stony Brook University)
ABSTRACT
Given the frequency and value implications of post-IPO merger and acquisition activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms conduct IPOs to facilitate future M&A activity, we find that aspects of IPO deal structure predict whether a newly public firm subsequently becomes a bidder or target. These characteristics include underwriter quality, promotional activity, pricing, proceeds, ownership structure, and issuance activity suggestive of market timing. Investors appear to rely on these observable aspects of a firm's going public process to anticipate the implications of M&A activity for security valuation. Specifically, when newly public firms with IPO deal structures predictive of acquisition activity announce an acquisition their stock returns are indistinguishable from zero. In contrast, abnormal returns to acquisition announcements by unlikely or surprise bidders are positive on average. These results suggest that the going public process has important implications for future M&A activity and valuation.
Keywords: Initial public offerings (IPOs); Mergers and acquisitions (M&A); Deal structure; Merger anticipation
原文链接：
http://www.sciencedirect.com/science/article/pii/S092911991730305X
翻译：熊进宗
