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Does short-selling threat discipline managers in mergers and acquisitions decisions?
Eric C. Chang1; Tse-Chun Lin1; Xiaorong Ma3
2018
Source PublicationJournal of Accounting and Economics
ISSN0165-4101
Abstract

We explore the governance effect of short-selling threat on mergers and acquisitions(M&A). We use equity lending supply (LS) to proxy for the threat, as short sellers incentives to scrutinize a firm depend on the availability of borrowing shares. Our results show that acquirers with higher LS have higher announcement returns. The effect is stronger when acquirers are more likely to be targets of subsequent hostile takeovers and when their managers wealth is more linked to stock prices. We conduct four sets of tests to mitigate endogeneity concerns. Finally, the governance effect exists only for deals prone to agency problems.

KeywordAnnouncement Returns External Corporate Governance Lending Supply Mergers And Acquisitions Short-selling Threat
DOIhttps://doi.org/10.1016/j.jacceco.2018.12.002
Language英语
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Document TypeJournal article
专题Faculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorEric C. Chang
Affiliation1.Faculty of Business and Economics, University of Hong Kong, China
2.Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, China
3.Faculty of Business Administration, University of Macau, China
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Eric C. Chang,Tse-Chun Lin,Xiaorong Ma. Does short-selling threat discipline managers in mergers and acquisitions decisions?[J]. Journal of Accounting and Economics,2018.
APA Eric C. Chang,Tse-Chun Lin,&Xiaorong Ma.(2018).Does short-selling threat discipline managers in mergers and acquisitions decisions?.Journal of Accounting and Economics.
MLA Eric C. Chang,et al."Does short-selling threat discipline managers in mergers and acquisitions decisions?".Journal of Accounting and Economics (2018).
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