Target Firm Advertising and Firm Value

References

• Ahern K (2012) Bargaining power and industry dependence in mergers. J. Financial Econom. 103(3):530–550.Crossref, Google Scholar
• Ahern K, Sosyura D (2013) Who writes the news? Corporate press releases during merger negotiations. J. Finance 69(1):241–291.Crossref, Google Scholar
• Aktas N, de Bodt E, Roll R (2010) Negotiations under the threat of an auction. J. Financial Econom. 98(2):241–255.Crossref, Google Scholar
• Amihud Y (2002) Illiquidity and stock returns: Cross-section and time-series effects. J. Financial Markets 5(1):31–56.Google Scholar
• Bagwell K (2007) The economic analysis of advertising. Armstrong M, Porter R, eds. Handbook of Industrial Organization, vol. 3 (Elsevier, Amsterdam), 1701–1844.Google Scholar
• Barber BM, Odean T (2008) All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Rev. Financial Stud. 21(2):785–818.Crossref, Google Scholar
• Bargeron L, Schlingemann F, Stulz R, Zutter C (2008) Why do private acquirers pay so little compared with public acquirers? J. Financial Econom. 89(3):375–390.Crossref, Google Scholar
• Becker GS, Murphy KM (1993) A simple theory of advertising as a good or bad. Quart. J. Econom. 108(4):941–964.Crossref, Google Scholar
• Betton S, Eckbo BE, Thorburn KS (2009) Merger negotiations and the toehold puzzle. J. Financial Econom. 91(2):158–178.Google Scholar
• Boehme R, Danielsen B, Sorescu S (2006) Short-sale constraints, differences of opinion, and overvaluation. J. Financial Quant. Anal. 41(2):455–487.Crossref, Google Scholar
• Bradley M, Desai A, Kim EH (1988) Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. J. Financial Econom. 21(1):3–40.Crossref, Google Scholar
• Chauvin K, Hirschey M (1993) Advertising, R&D expenditures and the market value of the firm. Financial Management 22(4):128–140.Crossref, Google Scholar
• Chemmanur T, Yan A (2009) Product market advertising and new equity issues. J. Financial Econom. 92(1):40–65.Crossref, Google Scholar
• Chen J, Hong H, Stein JC (2002) Breadth of ownership and stock returns. J. Financial Econom. 66(2–3):171–205.Crossref, Google Scholar
• Cline B, Yore A (2016) Silverback CEOs: Age, experience, and firm value. J. Empirical Finance 35(1):169–188.Crossref, Google Scholar
• Comment R, Schwert GW (1995) Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. J. Financial Econom. 39(1):3–43.Crossref, Google Scholar
• Cornaggia J, Li JY (2019) The value of access to finance: Evidence from M&A’s. J. Financial Econom. 131(1):232–250.Crossref, Google Scholar
• Da Z, Engelberg J, Gao P (2011) In search of attention. J. Finance 66(5):1461–1499.Crossref, Google Scholar
• De Bondt WF, Thaler R (1985) Does the stock market overreact? J. Finance 40(3):793–805.Crossref, Google Scholar
• Eaton G, Liu T, Officer M (2021) Rethinking measures of M&A premiums. J. Financial Quant. Anal. 56(3):1097–1126.Crossref, Google Scholar
• Erel I, Jang Y, Weisbach M (2014) Do acquisitions relieve target firms’ financial constraints? J. Finance 70(1):289–328.Crossref, Google Scholar
• Erickson M, Wang S (1999) Earnings management by acquiring firms in stock for stock mergers. J. Accounting Econom. 27(2):149–176.Crossref, Google Scholar
• Fama E, French K (1997) Industry costs of equity. J. Financial Econom. 43(2):153–193.Crossref, Google Scholar
• Fee C, Hadlock C, Pierce J (2009) Investment, financing constraints, and internal capital markets: Evidence from the advertising expenditures of multinational firms. Rev. Financial Stud. 22(6):2361–2392.Crossref, Google Scholar
• Fehle F, Tsyplakov S, Zdorovtsov V (2005) Can companies influence investor behavior through advertising? Super bowl commercials and stock returns. Eur. Financial Management 11(5):625–647.Crossref, Google Scholar
• Fich EM, Harford J, Tran AL (2015) Motivated monitors: The importance of institutional investors’ portfolio weights. J. Financial Econom. 118(1):21–48.Crossref, Google Scholar
• Figlewski S (1981) The information effects of restrictions on short sales: Some empirical evidence. J. Financial Quant. Anal. 16(4):463–476.Crossref, Google Scholar
• Figlewski S, Webb G (1993) Options, short sales, and market completeness. J. Finance 48(2):761–777.Crossref, Google Scholar
• Focke F, Ruenzi S, Ungeheuer M (2020) Advertising, attention and financial markets. Rev. Financial Stud. 33(10):4676–4720.Crossref, Google Scholar
• Frésard L, Salva C (2010) The value of excess cash and corporate governance: Evidence from US cross-listings. J. Financial Econom. 98(2):359–384.Crossref, Google Scholar
• Ge S (2021) Debt maturity and the threat of human capital departure — Evidence from CEOs near retirement age. Working paper, New York University, New York.Google Scholar
• Gormley T, Matsa D (2014) Common errors: How to (and not to) control for unobserved heterogeneity. Rev. Financial Stud. 27(2):617–661.Crossref, Google Scholar
• Graham J, Harvey C, Puri M (2015) Capital allocation and delegation of decision-making authority within firms. J. Financial Econom. 115(3):449–470.Crossref, Google Scholar
• Grossman SJ (1981) The informational role of warranties and private disclosure about product quality. J. Law Econom. 24(3):461–483.Crossref, Google Scholar
• Grullon G, Kanatas G, Weston J (2004) Advertising, breadth of ownership, and liquidity. Rev. Financial Stud. 17(2):439–461.Crossref, Google Scholar
• Grundy BD, Lim B, Verwijmeren P (2012) Do option markets undo restrictions on short sales? Evidence from the 2008 short-sale ban. J. Financial Econom. 106(2):331–348.Crossref, Google Scholar
• Gurun U, Butler A (2012) Don’t believe the hype: Local media slant, local advertising, and firm value. J. Finance 67(2):561–598.Crossref, Google Scholar
• He J, Liu T, Netter J, Shu T (2020) Expectation management in mergers and acquisitions. Management Sci. 66(3):1205–1226.Link, Google Scholar
• Heckman J (1979) Sample selection bias as a specification error. Econometrica 47(1):153–161.Crossref, Google Scholar
• Hirschey M (1982) Intangible capital aspects of advertising and R&D expenditures. J. Indust. Econom. 34(4):375–390.Crossref, Google Scholar
• Hoberg G, Phillips G (2010) Product market synergies and competition in mergers and acquisitions: A text-based analysis. Rev. Financial Stud. 23(10):3773–3811.Crossref, Google Scholar
• Jenter D, Lewellen K (2015) CEO preferences and acquisitions. J. Finance 70(6):2813–2852.Crossref, Google Scholar
• Kim J, Verdi R, Yost B (2020) Do firms strategically internalize disclosure spillovers? Evidence from cash‐financed M&As. J. Accounting Res. 58(5):1249–1297.Crossref, Google Scholar
• Koh P, Reeb D (2015) Missing R&D. J. Accounting Econom. 60(1):73–94.Crossref, Google Scholar
• Lee KH, Mauer DC, Xu EQ (2018) Human capital relatedness and mergers and acquisitions. J. Financial Econom. 129(1):111–135.Crossref, Google Scholar
• Levine O (2017) Acquiring growth. J. Financial Econom. 126(2):300–319.Crossref, Google Scholar
• Liaukonyte J, Zaldokas A (2021) Background noise? TV advertising affects real time investor behavior. Management Sci. 68(4):2465–2484.Link, Google Scholar
• Lou D (2014) Attracting investor attention through advertising. Rev. Financial Stud. 27(6):1797–1829.Crossref, Google Scholar
• Louis H, Sun A (2010) Investor inattention and the market reaction to merger announcements. Management Sci. 56(10):1781–1793.Link, Google Scholar
• Ma W, Ouimet P, Simintzi E (2021) Mergers and acquisitions, technological change and inequality. ECGI - Finance Working Paper No. 485/2016, European Corporate Governance Institute, Brussels.Google Scholar
• Madsen J, Niessner M (2019) Is investor attention for sale? The role of advertising in financial markets. J. Accounting Res. 57(3):763–795.Crossref, Google Scholar
• Malmendier U, Opp M, Saidi F (2016) Target revaluation after failed takeover attempts: Cash vs. stock. J. Financial Econom. 119(1):92–106.Crossref, Google Scholar
• Masulis RW, Simsir SA (2018) Deal initiation in mergers and acquisitions. J. Financial Quant. Anal. 53(6):2389–2430.Crossref, Google Scholar
• Masulis R, Wang C, Xie F (2007) Corporate governance and acquirer returns. J. Finance 62(4):1851–1889.Crossref, Google Scholar
• McAlister L, Srinivasan R, Kim M (2007) Advertising, research and development, and systematic risk of the firm. J. Marketing 71(1):35–48.Crossref, Google Scholar
• Milgrom P, Roberts J (1986) Price and advertising signals of product quality. J. Political Econom. 94(4):796–821.Crossref, Google Scholar
• Miller E (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4):1151–1168.Crossref, Google Scholar
• Moeller T (2005) Let’s make a deal! How shareholder control impacts merger payoffs. J. Financial Econom. 76(1):167–190.Crossref, Google Scholar
• Moeller S, Schlingemann F, Stulz R (2004) Firm size and the gains from acquisitions. J. Financial Econom. 73(2):201–228.Crossref, Google Scholar
• Morck R, Shleifer A, Vishny R (1989) Alternative mechanisms of corporate control. Amer. Econom. Rev. 79(4):842–852.Google Scholar
• Nelson P (1970) Information and consumer behavior. J. Political Econom. 78(2):729–754.Google Scholar
• Officer M (2003) Termination fees in mergers and acquisitions. J. Financial Econom. 69(3):431–467.Crossref, Google Scholar
• Palepu K (1986) Predicting takeover targets: A methodological and empirical analysis. J. Accounting Econom. 8(1):3–35.Crossref, Google Scholar
• Ross SA (1977) The determination of financial structure: The incentive-signalling approach. Bell J. Econom. 8(1):23–40.Crossref, Google Scholar
• Schlingemann F, Stulz R, Walkling R (2002) Divestitures and the liquidity of the market for corporate assets. J. Financial Econom. 64(1):117–144.Crossref, Google Scholar
• Seru A (2014) Firm boundaries matter: Evidence from conglomerates and R&D activity. J. Financial Econom. 111(2):381–405.Crossref, Google Scholar
• Sharpe WF (1982) Factors in New York Stock Exchange security returns, 1931–1979. J. Portfolio Management 8(4):5–19.Crossref, Google Scholar
• Shleifer A, Vishny RW (2003) Stock market driven acquisitions. J. Financial Econom. 70(3):295–311.Crossref, Google Scholar
• Spence M (1978) Job market signaling. Diamond P, Michael Rothschild M, eds. Uncertainty in Economics (Academic Press, New York), 281–306.Crossref, Google Scholar
• Stein JC (1996) Rational capital budgeting in an irrational world. J. Bus. 69(4):429–455.Crossref, Google Scholar
• Villalonga B (2004) Intangible resources, Tobin’s Q, and sustainability of performance differences. J. Econom. Behav. Organ. 54(2):205–230.Crossref, Google Scholar
• Wang C, Xie F (2009) Corporate governance transfer and synergistic gains from mergers and acquisitions. Rev. Financial Stud. 22(2):829–858.Crossref, Google Scholar
• Wooldridge JM (2010) Econometric Analysis of Cross Section and Panel Data, 2nd ed. (MIT Press, Cambridge, MA).Google Scholar