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...
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Published in | Review of quantitative finance and accounting Vol. 49; no. 4; pp. 885 - 923 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
New York
Springer US
01.11.2017
Springer Nature B.V |
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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. |
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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 |
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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 |
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Keywords | Corporate cash holdings R&D intensity G30 Bargaining power G34 Takeover premiums Announcement-period CARs Ex ante takeover probability |
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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 |
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Title | Cash holdings and the bargaining power of R&D-intensive targets |
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