Cash holdings and the bargaining power of R&D-intensive targets
Prior literature suggests that R&D-intensive firms hold large amounts of cash due to financing constraints. This paper examines whether such firms could also use cash holdings as a strategic bargaining tool in M&A transactions. Using a large sample of takeover bids announced between 1980 and...
Saved in:
| Published in | Review of quantitative finance and accounting Vol. 49; no. 4; pp. 885 - 923 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer US
01.11.2017
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | Prior literature suggests that R&D-intensive firms hold large amounts of cash due to financing constraints. This paper examines whether such firms could also use cash holdings as a strategic bargaining tool in M&A transactions. Using a large sample of takeover bids announced between 1980 and 2012, we demonstrate that cash holdings positively impact R&D-intensive targets’ takeover premiums and announcement-period abnormal returns. These effects disappear in non-R&D-intensive firms. Controlling for various endogeneity and financing concerns, we also find that R&D-intensive firms build up cash holdings in anticipation of becoming a takeover target. Further analysis indicates that in R&D-intensive firms, such cash holdings are valued highly by the market. Taken together, our findings shed new light on the strategic bargaining role of corporate cash holdings in the outcomes of acquisitions targeting R&D-intensive firms. |
|---|---|
| AbstractList | Prior literature suggests that R&D-intensive firms hold large amounts of cash due to financing constraints. This paper examines whether such firms could also use cash holdings as a strategic bargaining tool in M&A transactions. Using a large sample of takeover bids announced between 1980 and 2012, we demonstrate that cash holdings positively impact R&D-intensive targets’ takeover premiums and announcement-period abnormal returns. These effects disappear in non-R&D-intensive firms. Controlling for various endogeneity and financing concerns, we also find that R&D-intensive firms build up cash holdings in anticipation of becoming a takeover target. Further analysis indicates that in R&D-intensive firms, such cash holdings are valued highly by the market. Taken together, our findings shed new light on the strategic bargaining role of corporate cash holdings in the outcomes of acquisitions targeting R&D-intensive firms. |
| Author | Upadhyay, Arun Zeng, Hongchao |
| Author_xml | – sequence: 1 givenname: Arun surname: Upadhyay fullname: Upadhyay, Arun organization: Department of Finance, College of Business, Florida International University – sequence: 2 givenname: Hongchao surname: Zeng fullname: Zeng, Hongchao email: hzeng@unr.edu organization: Managerial Science Department, College of Business, University of Nevada, Reno |
| BookMark | eNp1kE9LAzEQxYNUsK1-AG8BwVs0s9lsmpNI_QsFQRS8hewm2W6pSU22iv30pqwHLx6GgeH33sy8CRr54C1Cp0AvgFJxmQCAV4RCrgqA7A7QGLhgRICQIzSmsijJrOJvR2iS0orSrOJ8jK7mOi3xMqxN59uEtTe4X1pc69jqzucZ3oQvG3Fw-Pn8hnS-tz51nxb3mbB9OkaHTq-TPfntU_R6d_syfyCLp_vH-fWCNGwGPSkpM7KUEkohnLTU1IaJoqJS8nwYOOFYxTizNeVQNIZrJ3hJm5oZrfNnNZuis8F3E8PH1qZercI2-rxSgeSQ4YLJTMFANTGkFK1Tm9i96_itgKp9TmrISeWc1D4ntcuaYtCkzPrWxj_O_4p-AAoNazA |
| CitedBy_id | crossref_primary_10_3390_math9070742 crossref_primary_10_1016_j_adiac_2021_100528 crossref_primary_10_1002_mde_3705 crossref_primary_10_1016_j_qref_2020_05_005 crossref_primary_10_1111_joms_12982 |
| Cites_doi | 10.1016/j.jfineco.2003.07.002 10.2307/1885697 10.1016/0304-405X(95)00860-H 10.1111/j.1540-6261.2005.00745.x 10.1016/j.jfineco.2013.05.003 10.1086/261404 10.2307/1926047 10.1111/1467-6451.00112 10.1111/j.1540-6261.2009.01492.x 10.1016/S0304-405X(01)00041-1 10.1111/0022-1082.00179 10.1016/S0304-405X(99)00003-3 10.1016/S0304-405X(02)00256-8 10.1093/rfs/hhn032 10.1111/j.1540-6261.2007.01260.x 10.1016/0165-4101(86)90008-X 10.1016/j.jcorpfin.2016.10.006 10.1093/rfs/hhl009 10.1111/0022-1082.00299 10.1287/mnsc.1100.1206 10.1111/jofi.12059 10.1111/jems.12159 10.1162/105864000567945 10.1111/j.1540-6261.2006.00894.x 10.1016/j.jcorpfin.2010.04.004 10.1016/j.jfineco.2011.05.017 10.1016/j.jfineco.2011.09.003 10.1093/rfs/hhj034 10.1111/0022-1082.00301 10.1016/0304-405X(94)00823-J 10.1016/j.jfineco.2013.04.008 10.1111/0022-1082.00305 10.1111/j.1540-6261.2007.01258.x 10.1111/j.1745-6622.2007.00148.x 10.1007/s11156-013-0385-5 10.1086/261385 10.1093/rfs/hhs109 10.1093/rfs/hhq009 10.2307/1912698 10.1257/jep.15.2.103 10.1016/S0304-405X(03)00119-3 10.1016/j.jfineco.2014.09.001 10.1093/oxrep/18.1.35 10.1111/j.1540-6261.2004.00714.x 10.1016/j.jfineco.2005.04.004 10.1111/0022-1082.00200 10.1016/j.jcorpfin.2010.01.003 10.1257/jep.2.1.49 10.1007/s11156-013-0371-y 10.1016/j.jfineco.2005.12.006 10.1016/S0304-405X(03)00120-X 10.2307/2109824 10.2308/accr-51270 10.1093/rof/rfp020 10.1257/jep.15.4.69 10.1142/S0219091505000580 10.1111/j.1540-6261.2006.01003.x 10.1086/261632 10.1007/s11156-012-0279-y 10.2307/2118360 10.1016/0304-405X(83)90004-1 10.1111/fima.12040 10.2139/ssrn.2350863 10.1515/9781400879762-024 10.2139/ssrn.1731722 10.1017/CBO9780511614491.006 10.1007/s11156-016-0567-z |
| ContentType | Journal Article |
| Copyright | Springer Science+Business Media New York 2016 Review of Quantitative Finance and Accounting is a copyright of Springer, 2017. |
| Copyright_xml | – notice: Springer Science+Business Media New York 2016 – notice: Review of Quantitative Finance and Accounting is a copyright of Springer, 2017. |
| DBID | AAYXX CITATION 3V. 7WY 7WZ 7X1 7XB 87Z 885 8A9 8AO 8BJ 8FK 8FL ABUWG AFKRA ANIOZ BENPR BEZIV CCPQU DWQXO FQK FRAZJ FRNLG F~G JBE K60 K6~ L.- M0C M1F PQBIZ PQBZA PQEST PQQKQ PQUKI PRINS Q9U |
| DOI | 10.1007/s11156-016-0611-z |
| DatabaseName | CrossRef ProQuest Central (Corporate) ABI/INFORM Collection ABI/INFORM Global (PDF only) Accounting & Tax (ProQuest Database) ProQuest Central (purchase pre-March 2016) ABI/INFORM Collection Banking Information Database (Alumni Edition) Accounting & Tax Database (Alumni Edition) ProQuest Pharma Collection International Bibliography of the Social Sciences (IBSS) ProQuest Central (Alumni) (purchase pre-March 2016) ABI/INFORM Collection (Alumni Edition) ProQuest Central (Alumni) ProQuest Central Accounting, Tax & Banking Collection ProQuest Central ProQuest Business Premium Collection ProQuest One Community College ProQuest Central International Bibliography of the Social Sciences Accounting, Tax & Banking Collection (Alumni) Business Premium Collection (Alumni) ABI/INFORM Global (Corporate) International Bibliography of the Social Sciences ProQuest Business Collection (Alumni Edition) ProQuest Business Collection ABI/INFORM Professional Advanced ABI/INFORM Global Banking Information Database One Business (ProQuest) ProQuest One Business (Alumni) ProQuest One Academic Eastern Edition (DO NOT USE) ProQuest One Academic ProQuest One Academic UKI Edition ProQuest Central China ProQuest Central Basic |
| DatabaseTitle | CrossRef ABI/INFORM Global (Corporate) ProQuest Business Collection (Alumni Edition) ProQuest One Business ProQuest Central (Alumni Edition) ProQuest One Community College Banking Information Source (Alumni Edition) Accounting & Tax ProQuest Pharma Collection ProQuest Central China ABI/INFORM Complete ProQuest Central ABI/INFORM Professional Advanced International Bibliography of the Social Sciences (IBSS) ProQuest Central Korea Accounting, Tax & Banking Collection (Alumni) Accounting & Tax (Alumni Edition) ABI/INFORM Complete (Alumni Edition) Business Premium Collection ABI/INFORM Global ABI/INFORM Global (Alumni Edition) ProQuest Central Basic ProQuest One Academic Eastern Edition ProQuest Business Collection Accounting, Tax & Banking Collection ProQuest One Academic UKI Edition ProQuest One Business (Alumni) ProQuest One Academic Banking Information Source ProQuest Central (Alumni) Business Premium Collection (Alumni) |
| DatabaseTitleList | ABI/INFORM Global (Corporate) |
| Database_xml | – sequence: 1 dbid: BENPR name: ProQuest Central url: https://www.proquest.com/central sourceTypes: Aggregation Database |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics Business |
| EISSN | 1573-7179 |
| EndPage | 923 |
| ExternalDocumentID | 10_1007_s11156_016_0611_z |
| GroupedDBID | -4X -57 -5G -BR -EM -Y2 -~C .86 .L6 .VR 06D 0R~ 0VY 123 1N0 1SB 2.D 203 28- 29P 2J2 2JN 2JY 2KG 2KM 2LR 2P1 2VQ 2~H 30V 3V. 4.4 406 408 409 40D 40E 41~ 5QI 5VS 67Z 6NX 7WY 7X1 885 8A9 8AO 8FL 8FW 8TC 8UJ 8V8 95- 95. 95~ 96X AAAVM AABHQ AABYN AAFGU AAHNG AAIAL AAJKR AANZL AAPBV AARHV AARTL AATNV AATVU AAUYE AAWCG AAYFA AAYIU AAYOK AAYQN AAYTO ABBBX ABBXA ABDZT ABECU ABFGW ABFTD ABFTV ABGEI ABHLI ABHQN ABJNI ABJOX ABKAS ABKCH ABKTR ABMNI ABMQK ABNWP ABQBU ABSXP ABTEG ABTHY ABTKH ABTMW ABULA ABUWG ABWNU ABXPI ACBMV ACBRV ACBXY ACBYP ACGFS ACHSB ACHXU ACIGE ACIPQ ACKNC ACMDZ ACMLO ACNCT ACOKC ACOMO ACSVP ACTTH ACVWB ACWMK ACYUM ADHHG ADHIR ADINQ ADKNI ADKPE ADMDM ADOXG ADQAN ADRFC ADTPH ADURQ ADYFF ADZKW AEBTG AEEQQ AEFIE AEFTE AEGAL AEGNC AEJHL AEJRE AEKMD AEOHA AEPYU AEQOZ AESKC AESTI AETLH AEVLU AEVTX AEXYK AFEXP AFGCZ AFKRA AFLOW AFNRJ AFQWF AFWTZ AFZKB AGAYW AGDGC AGGBP AGGDS AGJBK AGMZJ AGQMX AGWIL AGWZB AGYKE AHAVH AHBYD AHSBF AHYZX AIAKS AIIXL AILAN AIMYW AITGF AJBLW AJDOV AJRNO AJZVZ AKQUC AKVCP ALMA_UNASSIGNED_HOLDINGS ALWAN AMKLP AMXSW AMYLF AMYQR ANIOZ AOCGG ARMRJ ASPBG AVWKF AXYYD AYQZM AZFZN B-. BA0 BAPOH BBWZM BDATZ BENPR BEZIV BGNMA BPHCQ CAG CCPQU COF CS3 CSCUP DDRTE DL5 DNIVK DPUIP DWQXO EBLON EBO EBS EBU EIOEI EJD EOH ESBYG FEDTE FERAY FFXSO FIGPU FINBP FNLPD FRNLG FRRFC FSGXE FWDCC GGCAI GGRSB GJIRD GNWQR GQ6 GQ7 GQ8 GROUPED_ABI_INFORM_COMPLETE GROUPED_ABI_INFORM_RESEARCH GXS HF~ HG5 HG6 HMJXF HQYDN HRMNR HVGLF HZ~ I09 IHE IJ- IKXTQ ITM IWAJR IXC IZIGR IZQ I~X I~Z J-C J0Z JBSCW JCJTX JZLTJ K1G K60 K6~ KDC KOV KOW LAK LLZTM M0C M1F M4Y MA- N2Q NB0 NDZJH NPVJJ NQJWS NU0 O-J O9- O93 O9G O9I O9J OAM OVD P19 P2P P9M PF0 PQBIZ PQQKQ PROAC PT4 PT5 Q2X QOK QOS R-Y R4E R89 R9I RHV RIG RNI ROL RPX RSV RZC RZD RZK S16 S1Z S26 S27 S28 S3B SAP SBE SCF SCLPG SDH SDM SHX SISQX SJYHP SNE SNPRN SNX SOHCF SOJ SPISZ SRMVM SSLCW STPWE SZN T13 T16 TEORI TH9 TN5 TSG TSK TSV TUC U2A UG4 UNUBA UOJIU UTJUX UZXMN VC2 VFIZW W23 W48 WH7 WK8 YLTOR Z45 Z7Z Z81 Z8T Z8U ZMTXR ZYFGU ~8M ~EX AACDK AAEOY AAJBT AASML AAYXX ABAKF ACAOD ACDTI ACZOJ AEFQL AEMSY AFBBN AGQEE AGRTI AIGIU CITATION H13 PQBZA 7XB 8BJ 8FK FQK JBE L.- PQEST PQUKI PRINS Q9U |
| ID | FETCH-LOGICAL-c381t-403d94991477f9e0dbd372609959241f7f36353eb0512cd5af7540cb3daa111b3 |
| IEDL.DBID | BENPR |
| ISSN | 0924-865X |
| IngestDate | Thu Oct 10 19:02:15 EDT 2024 Thu Sep 26 16:01:02 EDT 2024 Sat Dec 16 12:02:09 EST 2023 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Issue | 4 |
| Keywords | Corporate cash holdings R&D intensity G30 Bargaining power G34 Takeover premiums Announcement-period CARs Ex ante takeover probability |
| Language | English |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c381t-403d94991477f9e0dbd372609959241f7f36353eb0512cd5af7540cb3daa111b3 |
| PQID | 1951540239 |
| PQPubID | 30096 |
| PageCount | 39 |
| ParticipantIDs | proquest_journals_1951540239 crossref_primary_10_1007_s11156_016_0611_z springer_journals_10_1007_s11156_016_0611_z |
| PublicationCentury | 2000 |
| PublicationDate | 2017-11-01 |
| PublicationDateYYYYMMDD | 2017-11-01 |
| PublicationDate_xml | – month: 11 year: 2017 text: 2017-11-01 day: 01 |
| PublicationDecade | 2010 |
| PublicationPlace | New York |
| PublicationPlace_xml | – name: New York |
| PublicationTitle | Review of quantitative finance and accounting |
| PublicationTitleAbbrev | Rev Quant Finan Acc |
| PublicationYear | 2017 |
| Publisher | Springer US Springer Nature B.V |
| Publisher_xml | – name: Springer US – name: Springer Nature B.V |
| References | Harrison, Hart, Oler (CR34) 2014; 43 Lach, Schankerman (CR44) 1988; 97 Vijh, Yang (CR73) 2013; 110 Solow (CR70) 1957; 39 Bates, Kahle, Stulz (CR8) 2009; 64 Hall (CR31) 2002; 18 Schwert (CR66) 2000; 55 Brick, Liao (CR15) 2016 Jensen (CR41) 1986; 76 Moeller, Schlingemann, Stulz (CR51) 2004; 73 Grossman, Hart (CR29) 1986; 94 CR32 Cai, Sevilir (CR18) 2012; 103 Phillips, Zhdanov (CR57) 2013; 26 Rajan, Servaes, Zingales (CR62) 2000; 55 Bena, Li (CR9) 2013; 69 CR71 Cremers, Nair, John (CR23) 2009; 22 Aboody, Lev (CR1) 2000; 55 Harford (CR33) 1999; 54 Katz, Shapiro (CR43) 1986; 101 Higgins, Rodriguez (CR37) 2006; 80 Pinkowitz, Stulz, Williamson (CR59) 2006; 61 Cai, Vijh (CR19) 2007; 62 Moeller, Schlingemann, Stulz (CR52) 2005; 60 Jensen, Ruback (CR42) 1983; 11 Cornaggia, Mao, Tian, Wolfe (CR22) 2015; 115 Schroth, Szalay (CR65) 2010; 14 Aghion, Tirole (CR2) 1994; 109 Jarrell, Brickley, Netter (CR40) 1988; 2 CR49 Stráska, Waller (CR72) 2010; 16 Mitchell, Mulherin (CR50) 1996; 41 Rotemberg, Saloner (CR63) 1994; 84 Ahern (CR3) 2012; 103 Hadlock, Pierce (CR30) 2010; 23 Cai, Tian, Xia (CR20) 2015; 25 Dittmar, Mahrt-Smith (CR24) 2007; 83 Burch (CR17) 2001; 60 Boone, Mulherin (CR14) 2006; 20 Scharfstein, Stein (CR64) 2000; 55 Blonigen, Taylor (CR13) 2000; 48 Brown, Petersen (CR16) 2011; 17 Levi, Li, Zhang (CR46) 2010; 56 Lerner, Shane, Tsai (CR45) 2003; 67 Gans, Stern (CR27) 2000; 9 Shleifer, Vishny (CR68) 1986; 94 Gao, Harford, Li (CR28) 2013; 109 Angrist, Krueger (CR5) 2001; 15 Povel, Singh (CR60) 2006; 19 Billett, Xue (CR12) 2007; 62 Qi, Sutton, Zheng (CR61) 2015; 44 Comment, Schwert (CR21) 1995; 39 Himmelberg, Petersen (CR38) 1994; 76 Betton, Eckbo, Thorburn (CR10) 2009; 91 He, Wintoki (CR36) 2016; 41 Iskandar-Datta, Jia (CR39) 2013; 43 Officer (CR53) 2003; 69 Pinkowitz, Williamson (CR58) 2007; 19 Palepu (CR56) 1986; 8 CR25 CR67 Luo, Hachiya (CR48) 2005; 8 Faulkender, Wang (CR26) 2006; 61 Andrade, Mitchell, Stafford (CR4) 2001; 15 Bhanot, Mansi, Wald (CR11) 2010; 17 Officer (CR54) 2004; 59 Opler, Pinkowitz, Stulz, Williamson (CR55) 1999; 52 Bates, Lemmon (CR7) 2003; 69 Hart, Moore (CR35) 1988; 56 Arrow, Nelson (CR6) 1962 Skouratova, Wald (CR69) 2013; 40 Lin, Wang (CR47) 2016; 91 AL Boone (611_CR14) 2006; 20 JS Gans (611_CR27) 2000; 9 AM Vijh (611_CR73) 2013; 110 M Faulkender (611_CR26) 2006; 61 A Shleifer (611_CR68) 1986; 94 J Rotemberg (611_CR63) 1994; 84 KR Ahern (611_CR3) 2012; 103 M Mitchell (611_CR50) 1996; 41 KJ Arrow (611_CR6) 1962 S Moeller (611_CR51) 2004; 73 E Schroth (611_CR65) 2010; 14 R Comment (611_CR21) 1995; 39 D Aboody (611_CR1) 2000; 55 ML Katz (611_CR43) 1986; 101 J Lin (611_CR47) 2016; 91 A Dittmar (611_CR24) 2007; 83 MC Jensen (611_CR42) 1983; 11 JS Harrison (611_CR34) 2014; 43 P Povel (611_CR60) 2006; 19 R Solow (611_CR70) 1957; 39 J Cornaggia (611_CR22) 2015; 115 J Harford (611_CR33) 1999; 54 611_CR67 R Rajan (611_CR62) 2000; 55 611_CR25 KG Palepu (611_CR56) 1986; 8 T Opler (611_CR55) 1999; 52 K Bhanot (611_CR11) 2010; 17 TR Burch (611_CR17) 2001; 60 Z He (611_CR36) 2016; 41 TW Bates (611_CR8) 2009; 64 H Gao (611_CR28) 2013; 109 TW Bates (611_CR7) 2003; 69 S Moeller (611_CR52) 2005; 60 C Himmelberg (611_CR38) 1994; 76 E Skouratova (611_CR69) 2013; 40 O Hart (611_CR35) 1988; 56 J Bena (611_CR9) 2013; 69 J Qi (611_CR61) 2015; 44 J Lerner (611_CR45) 2003; 67 GA Jarrell (611_CR40) 1988; 2 G Schwert (611_CR66) 2000; 55 G Phillips (611_CR57) 2013; 26 G Grossman (611_CR29) 1986; 94 L Pinkowitz (611_CR58) 2007; 19 611_CR71 S Lach (611_CR44) 1988; 97 G Andrade (611_CR4) 2001; 15 MT Billett (611_CR12) 2007; 62 ME Iskandar-Datta (611_CR39) 2013; 43 AB Blonigen (611_CR13) 2000; 48 611_CR32 CJ Hadlock (611_CR30) 2010; 23 J Cai (611_CR19) 2007; 62 Y Cai (611_CR18) 2012; 103 MJ Higgins (611_CR37) 2006; 80 MS Officer (611_CR54) 2004; 59 S Betton (611_CR10) 2009; 91 L Pinkowitz (611_CR59) 2006; 61 M Stráska (611_CR72) 2010; 16 MC Jensen (611_CR41) 1986; 76 M Levi (611_CR46) 2010; 56 D Scharfstein (611_CR64) 2000; 55 Y Cai (611_CR20) 2015; 25 JD Angrist (611_CR5) 2001; 15 M Cremers (611_CR23) 2009; 22 Q Luo (611_CR48) 2005; 8 P Aghion (611_CR2) 1994; 109 JR Brown (611_CR16) 2011; 17 BH Hall (611_CR31) 2002; 18 611_CR49 IE Brick (611_CR15) 2016 MS Officer (611_CR53) 2003; 69 |
| References_xml | – volume: 73 start-page: 201 year: 2004 end-page: 228 ident: CR51 article-title: Firm size and the gains from acquisitions publication-title: J Finan Econ doi: 10.1016/j.jfineco.2003.07.002 contributor: fullname: Stulz – ident: CR49 – volume: 91 start-page: 158 year: 2009 end-page: 178 ident: CR10 article-title: Merger negotiations and the toehold puzzle publication-title: J Financ Econ contributor: fullname: Thorburn – volume: 101 start-page: 567 year: 1986 end-page: 590 ident: CR43 article-title: How to license intangible property publication-title: Q J Econ doi: 10.2307/1885697 contributor: fullname: Shapiro – volume: 41 start-page: 193 year: 1996 end-page: 229 ident: CR50 article-title: The impact of industry shocks on takeover and restructuring activity publication-title: J Financ Econ doi: 10.1016/0304-405X(95)00860-H contributor: fullname: Mulherin – volume: 60 start-page: 757 year: 2005 end-page: 782 ident: CR52 article-title: Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave publication-title: J Finance doi: 10.1111/j.1540-6261.2005.00745.x contributor: fullname: Stulz – volume: 110 start-page: 61 year: 2013 end-page: 86 ident: CR73 article-title: Are small firms less vulnerable to overpriced stock offers? publication-title: J Financ Econ doi: 10.1016/j.jfineco.2013.05.003 contributor: fullname: Yang – volume: 94 start-page: 691 year: 1986 end-page: 719 ident: CR29 article-title: The costs and benefits of ownership: a theory of lateral and vertical integration publication-title: J Polit Econ doi: 10.1086/261404 contributor: fullname: Hart – volume: 39 start-page: 312 year: 1957 end-page: 320 ident: CR70 article-title: Technological change and aggregate production function publication-title: Rev Econ Stat doi: 10.2307/1926047 contributor: fullname: Solow – volume: 48 start-page: 47 year: 2000 end-page: 70 ident: CR13 article-title: R&D intensity and acquisitions in high-technology industries: evidence from the U.S. electronic and electrical equipment industries publication-title: J Ind Econ doi: 10.1111/1467-6451.00112 contributor: fullname: Taylor – volume: 64 start-page: 1985 year: 2009 end-page: 2021 ident: CR8 article-title: Why do U.S. firms hold so much more cash than they used to? publication-title: J Finance doi: 10.1111/j.1540-6261.2009.01492.x contributor: fullname: Stulz – volume: 60 start-page: 103 year: 2001 end-page: 141 ident: CR17 article-title: Locking out rival bidders: the use of lockup options in corporate mergers publication-title: J Financ Econ doi: 10.1016/S0304-405X(01)00041-1 contributor: fullname: Burch – volume: 54 start-page: 1969 year: 1999 end-page: 1997 ident: CR33 article-title: Corporate cash reserves and acquisitions publication-title: J Finance doi: 10.1111/0022-1082.00179 contributor: fullname: Harford – volume: 52 start-page: 3 year: 1999 end-page: 46 ident: CR55 article-title: The determinants and implications of corporate cash holdings publication-title: J Financ Econ doi: 10.1016/S0304-405X(99)00003-3 contributor: fullname: Williamson – volume: 67 start-page: 411 year: 2003 end-page: 446 ident: CR45 article-title: Do equity financing cycles matter? Evidence from biotechnology alliances publication-title: J Financ Econ doi: 10.1016/S0304-405X(02)00256-8 contributor: fullname: Tsai – volume: 22 start-page: 1409 year: 2009 end-page: 1445 ident: CR23 article-title: Takeover and the cross-section of returns publication-title: Rev Financ Stud doi: 10.1093/rfs/hhn032 contributor: fullname: John – ident: CR25 – volume: 62 start-page: 1891 year: 2007 end-page: 1933 ident: CR19 article-title: Incentive effects of stock and option holdings of target and acquirer CEOs publication-title: J Finance doi: 10.1111/j.1540-6261.2007.01260.x contributor: fullname: Vijh – volume: 8 start-page: 3 year: 1986 end-page: 35 ident: CR56 article-title: Predicting takeover targets: a methodological and empirical analysis publication-title: J Acc Econ doi: 10.1016/0165-4101(86)90008-X contributor: fullname: Palepu – volume: 41 start-page: 280 year: 2016 end-page: 303 ident: CR36 article-title: The cost of innovation: R&D and high cash holdings in U.S. firms publication-title: J Corp Finance doi: 10.1016/j.jcorpfin.2016.10.006 contributor: fullname: Wintoki – volume: 20 start-page: 461 year: 2006 end-page: 489 ident: CR14 article-title: Do termination provisions truncate the takeover bidding process? publication-title: Rev Financ Stud doi: 10.1093/rfs/hhl009 contributor: fullname: Mulherin – volume: 55 start-page: 2537 year: 2000 end-page: 2564 ident: CR64 article-title: The dark side of internal capital markets: divisional rent seeking and inefficient investment publication-title: J Finance doi: 10.1111/0022-1082.00299 contributor: fullname: Stein – ident: CR71 – volume: 56 start-page: 1462 year: 2010 end-page: 1483 ident: CR46 article-title: Deal or no deal: hormones and the mergers and acquisition game publication-title: Manag Sci doi: 10.1287/mnsc.1100.1206 contributor: fullname: Zhang – volume: 76 start-page: 323 year: 1986 end-page: 329 ident: CR41 article-title: Agency costs of free cash flow, corporate finance and takeovers publication-title: Am Econ Rev contributor: fullname: Jensen – ident: CR67 – volume: 69 start-page: 1923 year: 2013 end-page: 1961 ident: CR9 article-title: Corporate innovations and mergers and acquisitions publication-title: J Finance doi: 10.1111/jofi.12059 contributor: fullname: Li – volume: 25 start-page: 688 year: 2015 end-page: 719 ident: CR20 article-title: Locations, proximity, and M&A transactions publication-title: J Econ Manag Strat doi: 10.1111/jems.12159 contributor: fullname: Xia – volume: 9 start-page: 485 year: 2000 end-page: 511 ident: CR27 article-title: Incumbency and R&D Incentives: licensing the Gale of Creative Destruction publication-title: J Econ Manag Strat doi: 10.1162/105864000567945 contributor: fullname: Stern – volume: 61 start-page: 1957 year: 2006 end-page: 1990 ident: CR26 article-title: Corporate financial policy and the value of cash publication-title: J Finance doi: 10.1111/j.1540-6261.2006.00894.x contributor: fullname: Wang – volume: 16 start-page: 487 year: 2010 end-page: 497 ident: CR72 article-title: Do antitakeover provisions harm shareholders? publication-title: J Corp Finance doi: 10.1016/j.jcorpfin.2010.04.004 contributor: fullname: Waller – volume: 103 start-page: 327 year: 2012 end-page: 349 ident: CR18 article-title: Board connections and M&A transactions publication-title: J Financ Econ doi: 10.1016/j.jfineco.2011.05.017 contributor: fullname: Sevilir – ident: CR32 – volume: 103 start-page: 530 year: 2012 end-page: 550 ident: CR3 article-title: Bargaining power and industry dependence of in mergers publication-title: J Financ Econ doi: 10.1016/j.jfineco.2011.09.003 contributor: fullname: Ahern – volume: 19 start-page: 1399 year: 2006 end-page: 1431 ident: CR60 article-title: Takeover contests with asymmetric bidders publication-title: Rev Financ Stud doi: 10.1093/rfs/hhj034 contributor: fullname: Singh – volume: 55 start-page: 2599 year: 2000 end-page: 2640 ident: CR66 article-title: Hostility in takeovers: in the eyes of the beholder? publication-title: J Finance doi: 10.1111/0022-1082.00301 contributor: fullname: Schwert – volume: 39 start-page: 3 year: 1995 end-page: 43 ident: CR21 article-title: Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures publication-title: J Financ Econ doi: 10.1016/0304-405X(94)00823-J contributor: fullname: Schwert – volume: 109 start-page: 623 year: 2013 end-page: 639 ident: CR28 article-title: Determinants of corporate cash policy: insight from private firms publication-title: J Financ Econ doi: 10.1016/j.jfineco.2013.04.008 contributor: fullname: Li – volume: 55 start-page: 2747 year: 2000 end-page: 2766 ident: CR1 article-title: Information asymmetry, R&D, and insider gains publication-title: J Finance doi: 10.1111/0022-1082.00305 contributor: fullname: Lev – volume: 62 start-page: 1827 year: 2007 end-page: 1850 ident: CR12 article-title: The takeover deterrent effect of open market share repurchases publication-title: J Finance doi: 10.1111/j.1540-6261.2007.01258.x contributor: fullname: Xue – volume: 17 start-page: 381 year: 2010 end-page: 393 ident: CR11 article-title: Takeover risk and the correlation between stocks and bonds publication-title: J Corp Financ contributor: fullname: Wald – volume: 19 start-page: 74 year: 2007 end-page: 81 ident: CR58 article-title: What is the market value of a dollar of corporate cash? publication-title: J Appl Corp Financ doi: 10.1111/j.1745-6622.2007.00148.x contributor: fullname: Williamson – volume: 43 start-page: 571 year: 2014 end-page: 603 ident: CR34 article-title: Leverage and acquisition performance publication-title: Rev Quant Finan Acc doi: 10.1007/s11156-013-0385-5 contributor: fullname: Oler – volume: 94 start-page: 461 year: 1986 end-page: 488 ident: CR68 article-title: Large shareholders and corporate control publication-title: J Polit Econ doi: 10.1086/261385 contributor: fullname: Vishny – volume: 26 start-page: 34 year: 2013 end-page: 78 ident: CR57 article-title: R&D and the incentives from mergers and acquisition activity publication-title: Rev Financ Stud doi: 10.1093/rfs/hhs109 contributor: fullname: Zhdanov – volume: 23 start-page: 1909 year: 2010 end-page: 1940 ident: CR30 article-title: New evidence on measuring financial constraints: moving beyond the KZ index publication-title: Rev Financ Stud doi: 10.1093/rfs/hhq009 contributor: fullname: Pierce – volume: 56 start-page: 755 year: 1988 end-page: 785 ident: CR35 article-title: Incomplete contracts and renegotiation publication-title: Econometrica doi: 10.2307/1912698 contributor: fullname: Moore – volume: 15 start-page: 103 year: 2001 end-page: 120 ident: CR4 article-title: New evidence and perspectives on mergers publication-title: J Econ Perspect doi: 10.1257/jep.15.2.103 contributor: fullname: Stafford – volume: 69 start-page: 431 year: 2003 end-page: 467 ident: CR53 article-title: Termination fees in mergers and acquisitions publication-title: J Financ Econ doi: 10.1016/S0304-405X(03)00119-3 contributor: fullname: Officer – volume: 115 start-page: 189 year: 2015 end-page: 209 ident: CR22 article-title: Does banking competition affect innovation? publication-title: J Financ Econ doi: 10.1016/j.jfineco.2014.09.001 contributor: fullname: Wolfe – volume: 18 start-page: 35 year: 2002 end-page: 51 ident: CR31 article-title: The financing of research and development publication-title: Oxford Rev Econ Pol doi: 10.1093/oxrep/18.1.35 contributor: fullname: Hall – volume: 59 start-page: 2719 year: 2004 end-page: 2743 ident: CR54 article-title: Collars and renegotiation in mergers and acquisitions publication-title: J Finance doi: 10.1111/j.1540-6261.2004.00714.x contributor: fullname: Officer – volume: 80 start-page: 351 year: 2006 end-page: 383 ident: CR37 article-title: The outsourcing of R&D through acquisitions in Pharmaceutical industry publication-title: J Financ Econ doi: 10.1016/j.jfineco.2005.04.004 contributor: fullname: Rodriguez – volume: 55 start-page: 35 year: 2000 end-page: 80 ident: CR62 article-title: The cost of diversity: the diversification discount and inefficient investment publication-title: J Finance doi: 10.1111/0022-1082.00200 contributor: fullname: Zingales – volume: 17 start-page: 694 year: 2011 end-page: 709 ident: CR16 article-title: Cash holdings and R&D smoothing publication-title: J Corp Financ doi: 10.1016/j.jcorpfin.2010.01.003 contributor: fullname: Petersen – volume: 2 start-page: 49 year: 1988 end-page: 68 ident: CR40 article-title: The market for corporate control: the empirical evidence since 1980 publication-title: J Econ Perspect doi: 10.1257/jep.2.1.49 contributor: fullname: Netter – year: 2016 ident: CR15 article-title: The joint determinants of cash holdings and debt maturity: the case for financial constraints publication-title: Rev Quant Finan Acc contributor: fullname: Liao – volume: 43 start-page: 245 year: 2013 end-page: 273 ident: CR39 article-title: Investor protection and corporate cash holdings around the world: new evidence publication-title: Rev Quant Financ Acc doi: 10.1007/s11156-013-0371-y contributor: fullname: Jia – volume: 83 start-page: 599 year: 2007 end-page: 634 ident: CR24 article-title: Corporate governance and the value of cash holdings publication-title: J Financ Econ doi: 10.1016/j.jfineco.2005.12.006 contributor: fullname: Mahrt-Smith – volume: 69 start-page: 469 year: 2003 end-page: 504 ident: CR7 article-title: Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes publication-title: J Financ Econ doi: 10.1016/S0304-405X(03)00120-X contributor: fullname: Lemmon – volume: 76 start-page: 38 year: 1994 end-page: 51 ident: CR38 article-title: R&D and internal finance: a panel study of small firms in high-tech industries publication-title: Rev Econ Stat doi: 10.2307/2109824 contributor: fullname: Petersen – volume: 91 start-page: 955 year: 2016 end-page: 971 ident: CR47 article-title: The R&D premium and takeover risk publication-title: Acc Rev doi: 10.2308/accr-51270 contributor: fullname: Wang – volume: 14 start-page: 73 year: 2010 end-page: 118 ident: CR65 article-title: Cash breeds success: the role of financing constraints in patent races publication-title: Rev Financ doi: 10.1093/rof/rfp020 contributor: fullname: Szalay – volume: 15 start-page: 69 year: 2001 end-page: 85 ident: CR5 article-title: Instrumental variables and the search for identification: from supply and demand to natural experiments publication-title: J Econ Perspect doi: 10.1257/jep.15.4.69 contributor: fullname: Krueger – volume: 8 start-page: 613 year: 2005 end-page: 636 ident: CR48 article-title: Corporate governance, cash holdings, and firm value: evidence from Japan publication-title: Rev Pac Basin Financ Mark Pol doi: 10.1142/S0219091505000580 contributor: fullname: Hachiya – volume: 61 start-page: 2725 year: 2006 end-page: 2751 ident: CR59 article-title: Do firms in countries with poor protection of investor rights hold more cash? publication-title: J Finance doi: 10.1111/j.1540-6261.2006.01003.x contributor: fullname: Williamson – volume: 97 start-page: 880 year: 1988 end-page: 904 ident: CR44 article-title: Dynamics of R&D and investment in the scientific sector publication-title: J Polit Econ doi: 10.1086/261632 contributor: fullname: Schankerman – volume: 84 start-page: 1330 year: 1994 end-page: 1349 ident: CR63 article-title: Benefits of narrow business strategies publication-title: Am Econ Rev contributor: fullname: Saloner – volume: 40 start-page: 319 year: 2013 end-page: 339 ident: CR69 article-title: How crosslisting affects merger and acquisition activity publication-title: Rev Quant Financ Acc doi: 10.1007/s11156-012-0279-y contributor: fullname: Wald – volume: 109 start-page: 1185 year: 1994 end-page: 1209 ident: CR2 article-title: The management of innovation publication-title: Q J Econ doi: 10.2307/2118360 contributor: fullname: Tirole – start-page: 609 year: 1962 end-page: 626 ident: CR6 article-title: Economic welfare and the allocation of resources for invention publication-title: The rate and direction of inventive activity contributor: fullname: Nelson – volume: 11 start-page: 5 year: 1983 end-page: 50 ident: CR42 article-title: The market for corporate control publication-title: J Financ Econ doi: 10.1016/0304-405X(83)90004-1 contributor: fullname: Ruback – volume: 44 start-page: 387 year: 2015 end-page: 430 ident: CR61 article-title: The value of strategic alliances in acquisitions and IPOs publication-title: Financ Manag doi: 10.1111/fima.12040 contributor: fullname: Zheng – volume: 19 start-page: 1399 year: 2006 ident: 611_CR60 publication-title: Rev Financ Stud doi: 10.1093/rfs/hhj034 contributor: fullname: P Povel – volume: 103 start-page: 327 year: 2012 ident: 611_CR18 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2011.05.017 contributor: fullname: Y Cai – volume: 69 start-page: 1923 year: 2013 ident: 611_CR9 publication-title: J Finance doi: 10.1111/jofi.12059 contributor: fullname: J Bena – volume: 61 start-page: 1957 year: 2006 ident: 611_CR26 publication-title: J Finance doi: 10.1111/j.1540-6261.2006.00894.x contributor: fullname: M Faulkender – volume: 43 start-page: 245 year: 2013 ident: 611_CR39 publication-title: Rev Quant Financ Acc doi: 10.1007/s11156-013-0371-y contributor: fullname: ME Iskandar-Datta – volume: 52 start-page: 3 year: 1999 ident: 611_CR55 publication-title: J Financ Econ doi: 10.1016/S0304-405X(99)00003-3 contributor: fullname: T Opler – volume: 62 start-page: 1827 year: 2007 ident: 611_CR12 publication-title: J Finance doi: 10.1111/j.1540-6261.2007.01258.x contributor: fullname: MT Billett – ident: 611_CR25 doi: 10.2139/ssrn.2350863 – volume: 54 start-page: 1969 year: 1999 ident: 611_CR33 publication-title: J Finance doi: 10.1111/0022-1082.00179 contributor: fullname: J Harford – volume: 26 start-page: 34 year: 2013 ident: 611_CR57 publication-title: Rev Financ Stud doi: 10.1093/rfs/hhs109 contributor: fullname: G Phillips – volume: 69 start-page: 431 year: 2003 ident: 611_CR53 publication-title: J Financ Econ doi: 10.1016/S0304-405X(03)00119-3 contributor: fullname: MS Officer – volume: 59 start-page: 2719 year: 2004 ident: 611_CR54 publication-title: J Finance doi: 10.1111/j.1540-6261.2004.00714.x contributor: fullname: MS Officer – volume: 76 start-page: 323 year: 1986 ident: 611_CR41 publication-title: Am Econ Rev contributor: fullname: MC Jensen – volume: 17 start-page: 381 year: 2010 ident: 611_CR11 publication-title: J Corp Financ contributor: fullname: K Bhanot – volume: 25 start-page: 688 year: 2015 ident: 611_CR20 publication-title: J Econ Manag Strat doi: 10.1111/jems.12159 contributor: fullname: Y Cai – volume: 101 start-page: 567 year: 1986 ident: 611_CR43 publication-title: Q J Econ doi: 10.2307/1885697 contributor: fullname: ML Katz – volume: 62 start-page: 1891 year: 2007 ident: 611_CR19 publication-title: J Finance doi: 10.1111/j.1540-6261.2007.01260.x contributor: fullname: J Cai – volume: 56 start-page: 1462 year: 2010 ident: 611_CR46 publication-title: Manag Sci doi: 10.1287/mnsc.1100.1206 contributor: fullname: M Levi – volume: 17 start-page: 694 year: 2011 ident: 611_CR16 publication-title: J Corp Financ doi: 10.1016/j.jcorpfin.2010.01.003 contributor: fullname: JR Brown – ident: 611_CR32 – volume: 16 start-page: 487 year: 2010 ident: 611_CR72 publication-title: J Corp Finance doi: 10.1016/j.jcorpfin.2010.04.004 contributor: fullname: M Stráska – volume: 19 start-page: 74 year: 2007 ident: 611_CR58 publication-title: J Appl Corp Financ doi: 10.1111/j.1745-6622.2007.00148.x contributor: fullname: L Pinkowitz – volume: 20 start-page: 461 year: 2006 ident: 611_CR14 publication-title: Rev Financ Stud doi: 10.1093/rfs/hhl009 contributor: fullname: AL Boone – volume: 55 start-page: 2599 year: 2000 ident: 611_CR66 publication-title: J Finance doi: 10.1111/0022-1082.00301 contributor: fullname: G Schwert – start-page: 609 volume-title: The rate and direction of inventive activity year: 1962 ident: 611_CR6 doi: 10.1515/9781400879762-024 contributor: fullname: KJ Arrow – volume: 55 start-page: 2537 year: 2000 ident: 611_CR64 publication-title: J Finance doi: 10.1111/0022-1082.00299 contributor: fullname: D Scharfstein – volume: 64 start-page: 1985 year: 2009 ident: 611_CR8 publication-title: J Finance doi: 10.1111/j.1540-6261.2009.01492.x contributor: fullname: TW Bates – volume: 94 start-page: 461 year: 1986 ident: 611_CR68 publication-title: J Polit Econ doi: 10.1086/261385 contributor: fullname: A Shleifer – volume: 97 start-page: 880 year: 1988 ident: 611_CR44 publication-title: J Polit Econ doi: 10.1086/261632 contributor: fullname: S Lach – volume: 18 start-page: 35 year: 2002 ident: 611_CR31 publication-title: Oxford Rev Econ Pol doi: 10.1093/oxrep/18.1.35 contributor: fullname: BH Hall – volume: 76 start-page: 38 year: 1994 ident: 611_CR38 publication-title: Rev Econ Stat doi: 10.2307/2109824 contributor: fullname: C Himmelberg – volume: 40 start-page: 319 year: 2013 ident: 611_CR69 publication-title: Rev Quant Financ Acc doi: 10.1007/s11156-012-0279-y contributor: fullname: E Skouratova – volume: 69 start-page: 469 year: 2003 ident: 611_CR7 publication-title: J Financ Econ doi: 10.1016/S0304-405X(03)00120-X contributor: fullname: TW Bates – volume: 67 start-page: 411 year: 2003 ident: 611_CR45 publication-title: J Financ Econ doi: 10.1016/S0304-405X(02)00256-8 contributor: fullname: J Lerner – ident: 611_CR67 doi: 10.2139/ssrn.1731722 – ident: 611_CR71 doi: 10.1017/CBO9780511614491.006 – volume: 8 start-page: 613 year: 2005 ident: 611_CR48 publication-title: Rev Pac Basin Financ Mark Pol doi: 10.1142/S0219091505000580 contributor: fullname: Q Luo – volume: 43 start-page: 571 year: 2014 ident: 611_CR34 publication-title: Rev Quant Finan Acc doi: 10.1007/s11156-013-0385-5 contributor: fullname: JS Harrison – volume: 109 start-page: 1185 year: 1994 ident: 611_CR2 publication-title: Q J Econ doi: 10.2307/2118360 contributor: fullname: P Aghion – volume: 84 start-page: 1330 year: 1994 ident: 611_CR63 publication-title: Am Econ Rev contributor: fullname: J Rotemberg – volume: 60 start-page: 757 year: 2005 ident: 611_CR52 publication-title: J Finance doi: 10.1111/j.1540-6261.2005.00745.x contributor: fullname: S Moeller – volume: 2 start-page: 49 year: 1988 ident: 611_CR40 publication-title: J Econ Perspect doi: 10.1257/jep.2.1.49 contributor: fullname: GA Jarrell – volume: 110 start-page: 61 year: 2013 ident: 611_CR73 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2013.05.003 contributor: fullname: AM Vijh – volume: 91 start-page: 955 year: 2016 ident: 611_CR47 publication-title: Acc Rev doi: 10.2308/accr-51270 contributor: fullname: J Lin – volume: 48 start-page: 47 year: 2000 ident: 611_CR13 publication-title: J Ind Econ doi: 10.1111/1467-6451.00112 contributor: fullname: AB Blonigen – volume: 80 start-page: 351 year: 2006 ident: 611_CR37 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2005.04.004 contributor: fullname: MJ Higgins – volume: 73 start-page: 201 year: 2004 ident: 611_CR51 publication-title: J Finan Econ doi: 10.1016/j.jfineco.2003.07.002 contributor: fullname: S Moeller – volume: 39 start-page: 312 year: 1957 ident: 611_CR70 publication-title: Rev Econ Stat doi: 10.2307/1926047 contributor: fullname: R Solow – volume: 91 start-page: 158 year: 2009 ident: 611_CR10 publication-title: J Financ Econ contributor: fullname: S Betton – volume: 55 start-page: 2747 year: 2000 ident: 611_CR1 publication-title: J Finance doi: 10.1111/0022-1082.00305 contributor: fullname: D Aboody – volume: 41 start-page: 280 year: 2016 ident: 611_CR36 publication-title: J Corp Finance doi: 10.1016/j.jcorpfin.2016.10.006 contributor: fullname: Z He – volume: 44 start-page: 387 year: 2015 ident: 611_CR61 publication-title: Financ Manag doi: 10.1111/fima.12040 contributor: fullname: J Qi – volume: 94 start-page: 691 year: 1986 ident: 611_CR29 publication-title: J Polit Econ doi: 10.1086/261404 contributor: fullname: G Grossman – volume: 15 start-page: 103 year: 2001 ident: 611_CR4 publication-title: J Econ Perspect doi: 10.1257/jep.15.2.103 contributor: fullname: G Andrade – volume: 14 start-page: 73 year: 2010 ident: 611_CR65 publication-title: Rev Financ doi: 10.1093/rof/rfp020 contributor: fullname: E Schroth – volume: 22 start-page: 1409 year: 2009 ident: 611_CR23 publication-title: Rev Financ Stud doi: 10.1093/rfs/hhn032 contributor: fullname: M Cremers – volume: 61 start-page: 2725 year: 2006 ident: 611_CR59 publication-title: J Finance doi: 10.1111/j.1540-6261.2006.01003.x contributor: fullname: L Pinkowitz – volume: 15 start-page: 69 year: 2001 ident: 611_CR5 publication-title: J Econ Perspect doi: 10.1257/jep.15.4.69 contributor: fullname: JD Angrist – volume: 55 start-page: 35 year: 2000 ident: 611_CR62 publication-title: J Finance doi: 10.1111/0022-1082.00200 contributor: fullname: R Rajan – year: 2016 ident: 611_CR15 publication-title: Rev Quant Finan Acc doi: 10.1007/s11156-016-0567-z contributor: fullname: IE Brick – volume: 23 start-page: 1909 year: 2010 ident: 611_CR30 publication-title: Rev Financ Stud doi: 10.1093/rfs/hhq009 contributor: fullname: CJ Hadlock – volume: 41 start-page: 193 year: 1996 ident: 611_CR50 publication-title: J Financ Econ doi: 10.1016/0304-405X(95)00860-H contributor: fullname: M Mitchell – volume: 109 start-page: 623 year: 2013 ident: 611_CR28 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2013.04.008 contributor: fullname: H Gao – volume: 56 start-page: 755 year: 1988 ident: 611_CR35 publication-title: Econometrica doi: 10.2307/1912698 contributor: fullname: O Hart – volume: 83 start-page: 599 year: 2007 ident: 611_CR24 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2005.12.006 contributor: fullname: A Dittmar – volume: 60 start-page: 103 year: 2001 ident: 611_CR17 publication-title: J Financ Econ doi: 10.1016/S0304-405X(01)00041-1 contributor: fullname: TR Burch – ident: 611_CR49 – volume: 8 start-page: 3 year: 1986 ident: 611_CR56 publication-title: J Acc Econ doi: 10.1016/0165-4101(86)90008-X contributor: fullname: KG Palepu – volume: 115 start-page: 189 year: 2015 ident: 611_CR22 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2014.09.001 contributor: fullname: J Cornaggia – volume: 9 start-page: 485 year: 2000 ident: 611_CR27 publication-title: J Econ Manag Strat doi: 10.1162/105864000567945 contributor: fullname: JS Gans – volume: 103 start-page: 530 year: 2012 ident: 611_CR3 publication-title: J Financ Econ doi: 10.1016/j.jfineco.2011.09.003 contributor: fullname: KR Ahern – volume: 11 start-page: 5 year: 1983 ident: 611_CR42 publication-title: J Financ Econ doi: 10.1016/0304-405X(83)90004-1 contributor: fullname: MC Jensen – volume: 39 start-page: 3 year: 1995 ident: 611_CR21 publication-title: J Financ Econ doi: 10.1016/0304-405X(94)00823-J contributor: fullname: R Comment |
| SSID | ssj0010055 |
| Score | 2.192247 |
| Snippet | Prior literature suggests that R&D-intensive firms hold large amounts of cash due to financing constraints. This paper examines whether such firms could also... |
| SourceID | proquest crossref springer |
| SourceType | Aggregation Database Publisher |
| StartPage | 885 |
| SubjectTerms | Accounting/Auditing Bargaining Bids Cash flow Companies Corporate Finance Econometrics Economics and Finance Finance Financing Operations Research/Decision Theory Original Research Power Premiums R&D Research & development Transactions |
| SummonAdditionalLinks | – databaseName: SpringerLINK - Czech Republic Consortium dbid: AGYKE link: http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwlV09T8MwED2VVgIWPgqIQkEeEAMoVRIncTOhqrRUIBgQlcoU2YktUKW0IunSX885jVs-hy5ZEjny2c57l7t7B3AR-rHbtr3EChReEKGZJXzcy6HjK-rb0pPFr-zHp2Aw9O5H_qgC7vLXRTpumYhk8aFe1bohd9HOb6CbETjWfANqvtb7qkKtc_f60FvGDrSsVKGw53pWO_BHJpb51yDf0WhFMX9ERQuw6e8uCgCzQqNQ55iMW7NctOL5bwXHNeaxBzsl9ySdxWbZh4pM67BpUt_rsGWqlLMDuOny7I2Y2BThaUKQKhKh--IWPSXIVPdXIxNFni9vrXeTCU8WqeXZIQz7vZfuwCqbLVgxgnaOfiRNtFCN4zGmQmknIqEMnR2tR4Yor5iiyE2oFHiK3TjxuWJI9mJBE85xSoIeQTWdpPIYCDod1JbKZjzmeq2F8hhH3OMhQqFH3QZcGaNH04WmRrRST9bmiXTemTZPNG9A0yxLVB6vLHKQF-LbXRo24NqY-cvt_wY7WevpU9h2NYgXlYdNqOYfM3mGFCQX5-We-wSNis8i priority: 102 providerName: Springer Nature |
| Title | Cash holdings and the bargaining power of R&D-intensive targets |
| URI | https://link.springer.com/article/10.1007/s11156-016-0611-z https://www.proquest.com/docview/1951540239 |
| Volume | 49 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV1LS8NAEB60BfUiWhWrtexBPCiLSTaP5lTa2loUixQL9RR2kyx6Saupl_56Z9KsVUEvySGwkNnH983O4wM4D73YaVluwn2ND0TogCsP13Joe1p4VuqmxVX2w8gfTty7qTctL9zyMq3SnInFQZ3MYrojv7aRCiC7cETYnr9xUo2i6GopobEJVcd2KUxb7fZHj-OvOAK1mCq67Tkub_ne1MQ1i-I5JEPkTfukbmDz5U9kWtPNXxHSAngGe7BbMkbWWU3xPmykWQ22TMJ6DbZNbXF-AO2ezF-YiSgxmSUMCR5TpGZbKEGwOamisZlm44sb_mry19kqITw_hMmg_9Qb8lIigccItQv0_kRC7WVsNwh0mFqJSkSALgp1EUNs1oEWyChEqnDvOXHiSR2gEWMlEinx_5U4gko2y9JjYOgqCCvVViBjSTOktBtIRCsZIoC5wqnDpTFPNF91wojWPY_JlhFli5Eto2UdGsaAUbkp8mg9hXW4Mkb99vmvwU7-H-wUdhzC2qJAsAGVxftHeoZMYaGaUO0Mut0RvW-f7_vNcnk0YXPidD4Btyu7YQ |
| link.rule.ids | 315,786,790,21416,27955,27956,33777,41114,41556,42183,42625,43838,52144,52267,74657 |
| linkProvider | ProQuest |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV3PT8IwFH5RSMSLUdSIovZgPGgat3Vb2YkoQlCBGAIJt6Vd1-gF0OGFv97XsYqa6GWXJUv2-uP7Xt_r9wFcREHiNRxf0VDjAxGaUxngXI7cQLPASf00P8ruD8Lu2H-cBJPiwC0r2irtnphv1GqWmDPyGxepALILj0XN-Rs1rlGmulpYaGxC2UhuNkpQvmsPnodfdQQjMZWr7Xk-bYTBxNY188tzSIZMNh0adwOXLn8i05pu_qqQ5sDT2YWdgjGS29UQ78FGOq3Clm1Yr0LF3i3O9qHZEtkLsRUlIqaKIMEj0rjZ5k4QZG5c0chMk-HlPX21_etk1RCeHcC40x61urSwSKAJQu0Csz-mjLyM63Ouo9RRUjGOKYpREUNs1lwzZBQslbj2vEQFQnMMYiKZEgL_X7JDKE1n0_QICKYKzEm1w0UizAhJ7XOBaCUiBDCfeTW4suGJ5ysljHiteWxiGZtuMRPLeFmDug1gXCyKLF4PYQ2ubVC_vf7rY8f_f-wcKt1Rvxf3HgZPJ7DtGdzNLwvWobR4_0hPkTUs5FkxNT4BnAy6Xg |
| linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV1NT8JAEJ0oJOjFKGpEUfdgPGg2tN22S09E-Qh-EUIk4dbstrvRC6DFC7_e2dIVNdFLL02adPbjvdl5Ow_gIgoSr-n4KQ01PhChOZUBzuXIDTQLHOWr_Cj7aRD2x_79JJgU-qeskFXaPTHfqNNZYs7IGy5SAWQXHosaupBFDDu91vyNGgcpU2kt7DQ2ocz9MMBErHzbHQxHXzUF024q77zn-bQZBhNb48wv0iExMpl1aJwOXLr8iVJr6vmrWpqDUG8Xdgr2SG5Ww70HG2pahYoVr1dhy94zzvah1RbZC7HVJSKmKUGyR6Rxts1dIcjcOKSRmSajyw59tVp2shKHZwcw7nWf231a2CXQBGF3gZkgS02rGdfnXEfKSWXKOKYrpqMY4rTmmiG7YEriOvSSNBCaY0ATyVIh8P8lO4TSdDZVR0AwbWCO0g4XiTCjJbXPBSKXiBDMfObV4MqGJ56vumLE6_7HJpaxUY6ZWMbLGtRtAONigWTxejhrcG2D-u31Xx87_v9j51DBWRE_3g0eTmDbMxCc3xusQ2nx_qFOkUAs5FkxMz4BcwG-kg |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Cash+holdings+and+the+bargaining+power+of+R%26D-intensive+targets&rft.jtitle=Review+of+quantitative+finance+and+accounting&rft.au=Upadhyay%2C+Arun&rft.au=Zeng%2C+Hongchao&rft.date=2017-11-01&rft.pub=Springer+Nature+B.V&rft.issn=0924-865X&rft.eissn=1573-7179&rft.volume=49&rft.issue=4&rft.spage=885&rft_id=info:doi/10.1007%2Fs11156-016-0611-z&rft.externalDBID=HAS_PDF_LINK |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0924-865X&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0924-865X&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0924-865X&client=summon |