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Do Acquirers Manage Earnings Prior to a Share for Share Bid?

Journal of business finance & accounting, 2008-06, Vol.35 (5-6), p.633-670 [Peer Reviewed Journal]

2008 The Authors Journal compilation © 2008 Blackwell Publishing Ltd ;Copyright Blackwell Publishing Ltd. Jun/Jul 2008 ;ISSN: 0306-686X ;EISSN: 1468-5957 ;DOI: 10.1111/j.1468-5957.2008.02091.x

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  • Title:
    Do Acquirers Manage Earnings Prior to a Share for Share Bid?
  • Author: Botsari, Antonia ; Meeks, Geoff
  • Subjects: Accruals ; Acquisitions ; Acquisitions & mergers ; Bids ; Business studies ; Corporate finance ; Earnings management ; Financial management ; Mergers ; mergers and acquisitions ; share for share bids ; Studies ; United Kingdom
  • Is Part Of: Journal of business finance & accounting, 2008-06, Vol.35 (5-6), p.633-670
  • Description: :  Earnings management by acquirers ahead of share for share bids may affect whether a bid succeeds, and hence which management team controls the target's assets, as well as the distribution of gains between target and acquirer shareholders. This paper tests for such earnings management for the UK, the world's second largest takeover market, in the period 1997–2001 when M&A reached record levels and share for share deals came to account for the majority of expenditure. Using a range of approaches originating in Jones' model, the paper finds evidence consistent with earnings management ahead of share‐financed bids.
  • Publisher: Oxford, UK: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0306-686X
    EISSN: 1468-5957
    DOI: 10.1111/j.1468-5957.2008.02091.x
  • Source: Alma/SFX Local Collection
    RePEc
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