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Uncertainty of M&As under asymmetric estimation

机译：不对称估计下M＆和M＆D的不确定性

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摘要

Mergers and acquisitions (M&As) are often surrounded by uncertainty since they do not always deliver anticipated results. The uncertainty ascribed to the outcomes of M&As is not a boundary concept, rather guides firms' decision in favour of or against undertaking M&As. Typically, M&As suffer from estimation biases. Moreover, M&As are always treated synonymously as a single entity. Thus, evaluating M&A as a single event under traditional stationary specifications is not adequate for capturing the disaggregate effect of an individual event. This study examines announcement returns of both events individually under the asymmetric specifica-tion. Asymmetric specification captures the variance of uncertainty associated with the event outcome for each set of events. The findings further document acquirers (acquisition sample) register pre-announcement wealth loss, but not so with mergers. The cross-sectional analysis indicates that the announcement returns under asymmetric specification are associated with the deal characteristics of both sets of events, except deal premium.
机译：合并和收购（M＆As）通常被不确定性所包围，因为它们并不总是提供预期的结果。归因于M＆As的结果的不确定性不是边界概念，而是指导公司的决定，支持或反对承诺的M＆as。通常，M＆AS患有估计偏差。此外，M＆D总是作为一个实体同义地对待。因此，根据传统的静止规范评估和A作为单一事件，不足以捕获单个事件的分解效果。本研究审查了在不对称特定情况下单独进行两项事件的公告回报。非对称规范捕获与每组事件的事件结果相关联的不确定性的方差。该调查结果进一步涉及文件收购者（收购样本）登记公告前财富损失，但并非合并。横截面分析表明，非对称规范下的公告返回与两组事件的交易特征相关联，除了交易溢价。

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