TY - JOUR
AU - Stulz, René M.
AB - We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to information asymmetry and diversity-of-opinion proxies for equity offers but not cash offers. We find that this is the case and that, more strikingly, there is no difference in abnormal returns between cash offers for public firms, equity offers for public firms, and equity offers for private firms after controlling for one of these proxies, idiosyncratic volatility.
TI - How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?
JF - The Review of Financial Studies
DO - 10.1093/rfs/hhm040
DA - 2007-11-21
UR - https://www.deepdyve.com/lp/oxford-university-press/how-do-diversity-of-opinion-and-information-asymmetry-affect-acquirer-Ap5WPgV8BG
SP - 2047
EP - 2078
VL - 20
IS - 6
DP - DeepDyve
ER -