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首页> 外文期刊>Journal of accounting, auditing & finance >Bargain Purchase Gains in the Acquisitions of Failed Banks
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Bargain Purchase Gains in the Acquisitions of Failed Banks

机译：收购失败银行时的讨价还价购买收益

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Effective for years beginning on or after December 15, 2008, bargain purchase gains (BPGs) are recorded within income from continuing operations when the fair value of the net assets acquired exceeds the acquisition cost. Although the Financial Accounting Standards Board (FASB) argues that the BPG treatment more faithfully represents the economics of the transaction, they also acknowledge that it creates an opportunity for inappropriate gain ( recognition. We examine management opportunism and investor valuations regarding the recognition of a BPG using a sample of 142 acquirers that made Federal Deposit Insurance Corporation (FDIC)-assisted bank acquisitions in 2009 and 2010. We find that acquirer banks with relatively strong incentives to boost earnings are more likely to record a BPG, suggesting that firms use the BPG treatment opportunistically. Despite this finding, we observe that the market values the BPGs, albeit with less persistence than the other major components of operating income, and reacts positively to acquisition announcements with BPGs. We explore these seemingly contradictory findings further and find that more suspicious BPGs receive lower valuation multiples. Overall, we provide evidence consistent with managers opportunistically exercising discretion within acquisition accounting and the market differentially pricing BPGs based on underlying incentives to boost earnings.
机译：从2008年12月15日或之后开始的年度生效，当所收购的净资产的公允价值超过购置成本时，议价购买收益（BPG）记录在持续经营收入中。尽管财务会计准则委员会（FASB）认为BPG待遇更忠实地代表了交易的经济性，但他们也承认，BPG待遇创造了不当收益的机会（认可。我们在确认BPG的过程中考察了管理层的机会主义和投资者估值）使用142个收购方的样本，这些收购方在2009年和2010年进行了联邦存款保险公司（FDIC）辅助的银行收购。我们发现，具有相对较强的动机来提高收益的收购方银行更有可能记录BPG，这表明公司使用BPG尽管发现了这一发现，我们仍然观察到市场对BPG的重视程度，尽管其持久性低于营业收入的其他主要组成部分，并且对BPG的收购公告做出了积极的反应，我们进一步探索了这些看似矛盾的发现，并发现了更多的可疑之处。 BPG的估值倍数较低。总体而言，我们提供证据与管理者在收购会计中机会主义地行使酌处权以及基于潜在激励以提高收益的市场对BPG进行差异定价相一致。

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