Industry IPOs, growth opportunities, and private target acquisitions

As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from public markets. This paper examines acquisition decisions, and suggests a novel source of information for industry firms – the IPO market. Th...

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Published inJournal of corporate finance (Amsterdam, Netherlands) Vol. 37; pp. 193 - 209
Main Authors Aktas, Nihat, Cousin, Jean-Gabriel, Ozdakak, Ali, Zhang, Junyao
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.04.2016
Elsevier Science Ltd
Elsevier
Subjects
Acquisitions & mergers
Business growth
Decision analysis
Industry IPOs
Initial public offerings
Mergers and acquisitions
Private targets
Quantitative Finance
Studies
Target company
Underpricing
Underpricing
G34
Industry IPOs
G14
Mergers and acquisitions
Private targets
Online AccessGet full text

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Abstract As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from public markets. This paper examines acquisition decisions, and suggests a novel source of information for industry firms – the IPO market. The results provide evidence that industry IPOs signal the existence of available investment opportunities, in particular about privately-held firms. The proportion of private target acquisitions, stock payments, and acquirer announcement returns significantly correlates with signals derived from industry IPOs. Our results suggest that industry IPOs generate positive externalities by facilitating more efficient acquisition decisions. •We emphasize the IPO market as a source of information for industry firms.•Private firm acquisitions and acquirer CARs are positively related to IPO signals.•Stock payment also increases when industry IPOs are more informative.•Industry IPOs generate positive externalities by facilitating more efficient M&As.
AbstractList As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from public markets. This paper examines acquisition decisions, and suggests a novel source of information for industry firms – the IPO market. The results provide evidence that industry IPOs signal the existence of available investment opportunities, in particular about privately-held firms. The proportion of private target acquisitions, stock payments, and acquirer announcement returns significantly correlates with signals derived from industry IPOs. Our results suggest that industry IPOs generate positive externalities by facilitating more efficient acquisition decisions. •We emphasize the IPO market as a source of information for industry firms.•Private firm acquisitions and acquirer CARs are positively related to IPO signals.•Stock payment also increases when industry IPOs are more informative.•Industry IPOs generate positive externalities by facilitating more efficient M&As.
As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from public markets. This paper examines acquisition decisions, and suggests a novel source of information for industry firms -- the IPO market. The results provide evidence that industry IPOs signal the existence of available investment opportunities, in particular about privately-held firms. The proportion of private target acquisitions, stock payments, and acquirer announcement returns significantly correlates with signals derived from industry IPOs. Our results suggest that industry IPOs generate positive externalities by facilitating more efficient acquisition decisions.
Author Ozdakak, Ali
Zhang, Junyao
Cousin, Jean-Gabriel
Aktas, Nihat
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  surname: Aktas
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  givenname: Jean-Gabriel
  surname: Cousin
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  givenname: Junyao
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Keywords Underpricing
G34
Industry IPOs
G14
Mergers and acquisitions
Private targets
Language English
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Snippet As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from...
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SourceType Open Access Repository
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Publisher
StartPage 193
SubjectTerms Acquisitions & mergers
Business growth
Decision analysis
Industry IPOs
Initial public offerings
Mergers and acquisitions
Private targets
Quantitative Finance
Studies
Target company
Underpricing
Title Industry IPOs, growth opportunities, and private target acquisitions
URI https://dx.doi.org/10.1016/j.jcorpfin.2015.12.016
https://www.proquest.com/docview/1784129041/abstract/
https://hal.science/hal-04408121
Volume 37
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