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首页> 外文期刊>The North American journal of economics and finance >Impact of SOX on the returns to targets and acquirers in corporate tender offers
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Impact of SOX on the returns to targets and acquirers in corporate tender offers

机译：SOX对公司要约收购中目标和收购方收益的影响

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摘要

We argue that, following the sweeping reforms introduced by the Sarbanes-Oxley Act (SOX), managers of bidding firms have become more strategic in choosing acquisition targets in inter-firm tender offers. Using a large sample of tender offers between 1996 and 2009, we report that the proportion of synergy-driven value-maximizing acquisitions increased following the passage of SOX. Targets experience lower pre-bid share price run-up, receive larger deal premiums, and have larger announcement period abnormal returns after SOX. Acquiring firm shareholders also experience significant wealth gains around the announcement in the post-SOX period. Employing industry and matched firm portfolios, we also document that both the operating performance and buy-and-hold abnormal returns over the three- and five-year post-acquisition period improved significantly after SOX. Overall, our evidence shows that SOX had a positive influence in the market for inter-firm tender offers. (C) 2017 Elsevier Inc. All rights reserved.
机译：我们认为，随着萨班斯法案（Sarbanes-Oxley Act（SOX））引入的全面改革，投标公司的经理在选择公司间要约收购中的收购目标时已变得更具战略意义。使用1996年至2009年期间的大量要约收购样本，我们报告说，随着SOX的通过，协同驱动价值最大化收购的比例增加了。目标公司经历了较低的出价前股价上涨，获得了更高的交易溢价，并且在SOX之后具有更大的公告期异常收益。在SOX发行后的公告发布之后，收购公司的股东还将获得可观的财富收益。利用行业和相匹配的公司投资组合，我们还记录到，SOX后三年和五年内，收购后三年和五年的运营绩效和购置和持有异常收益均得到了显着改善。总体而言，我们的证据表明，SOX对于公司间要约收购在市场上具有积极影响。 （C）2017 Elsevier Inc.保留所有权利。

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