{"id":"https://openalex.org/W129013775","doi":"https://doi.org/10.4324/9780429326103-8","title":"Stock prices and earnings management around M&A transactions","display_name":"Stock prices and earnings management around M&A transactions","publication_year":2020,"publication_date":"2020-04-29","ids":{"openalex":"https://openalex.org/W129013775","doi":"https://doi.org/10.4324/9780429326103-8","mag":"129013775"},"language":"en","primary_location":{"id":"doi:10.4324/9780429326103-8","doi":"https://doi.org/10.4324/9780429326103-8","is_oa":false,"landing_page_url":"https://doi.org/10.4324/9780429326103-8","pdf_url":null,"source":{"id":"https://openalex.org/S4306463855","display_name":"Routledge eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319847","host_organization_name":"Routledge","host_organization_lineage":["https://openalex.org/P4310319847","https://openalex.org/P4310320547"],"host_organization_lineage_names":["Routledge","Taylor & Francis"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Accounting for M&A","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W3021353467","display_name":"Accounting for M&A"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5060354324","display_name":"Antonia Botsari","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I154757721","display_name":"University of Piraeus","ror":"https://ror.org/02qs84g94","country_code":"GR","type":"education","lineage":["https://openalex.org/I154757721"]}],"countries":["GR"],"is_corresponding":true,"raw_author_name":"Antonia Botsari","raw_affiliation_strings":["University of Piraeus#TAB#"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Piraeus#TAB#","institution_ids":["https://openalex.org/I154757721"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5060354324"],"corresponding_institution_ids":["https://openalex.org/I154757721"],"apc_list":null,"apc_paid":null,"fwci":43.8718,"has_fulltext":false,"cited_by_count":16,"citation_normalized_percentile":{"value":0.99711683,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"115","last_page":"141"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9624000191688538,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9624000191688538,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.030400000512599945,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/earnings-management","display_name":"earnings management","score":0.9829999804496765},{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9860000014305115},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.6980000138282776},{"id":"https://openalex.org/keywords/corporate-control","display_name":"corporate control","score":0.6340000033378601},{"id":"https://openalex.org/keywords/overvaluation","display_name":"overvaluation","score":0.6769999861717224},{"id":"https://openalex.org/keywords/post-merger-performance","display_name":"post-merger performance","score":0.8240000009536743},{"id":"https://openalex.org/keywords/exchange-ratio","display_name":"exchange ratio","score":0.8389999866485596},{"id":"https://openalex.org/keywords/target-firm-valuation","display_name":"target firm valuation","score":0.47600001096725464}],"concepts":[{"id":"https://openalex.org/C2781009383","wikidata":"https://www.wikidata.org/wiki/Q15995636","display_name":"Earnings management","level":3,"score":0.768207311630249},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5774155259132385},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5728307962417603},{"id":"https://openalex.org/C143591128","wikidata":"https://www.wikidata.org/wiki/Q1746791","display_name":"Growth stock","level":5,"score":0.5370849967002869},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5257171988487244},{"id":"https://openalex.org/C18991353","wikidata":"https://www.wikidata.org/wiki/Q1137319","display_name":"Market maker","level":4,"score":0.4891338646411896},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.4455220103263855},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4044594466686249},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3978109359741211},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.35929104685783386},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3077997863292694},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.2771202027797699},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.07699283957481384},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.07243567705154419},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C191897082","wikidata":"https://www.wikidata.org/wiki/Q11467","display_name":"Metallurgy","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.4324/9780429326103-8","doi":"https://doi.org/10.4324/9780429326103-8","is_oa":false,"landing_page_url":"https://doi.org/10.4324/9780429326103-8","pdf_url":null,"source":{"id":"https://openalex.org/S4306463855","display_name":"Routledge eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319847","host_organization_name":"Routledge","host_organization_lineage":["https://openalex.org/P4310319847","https://openalex.org/P4310320547"],"host_organization_lineage_names":["Routledge","Taylor & Francis"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Accounting for M&A","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":113,"referenced_works":["https://openalex.org/W1522895698","https://openalex.org/W1593472882","https://openalex.org/W1596216439","https://openalex.org/W1601082683","https://openalex.org/W1603811794","https://openalex.org/W1707935632","https://openalex.org/W1791122678","https://openalex.org/W1827810172","https://openalex.org/W1863359663","https://openalex.org/W1871132431","https://openalex.org/W1966003536","https://openalex.org/W1971763123","https://openalex.org/W1972195799","https://openalex.org/W1976590336","https://openalex.org/W1978221216","https://openalex.org/W1980060145","https://openalex.org/W1986187321","https://openalex.org/W1991087735","https://openalex.org/W1991552238","https://openalex.org/W1998657375","https://openalex.org/W2001214292","https://openalex.org/W2002375132","https://openalex.org/W2004430730","https://openalex.org/W2014131586","https://openalex.org/W2016668951","https://openalex.org/W2016817897","https://openalex.org/W2020095463","https://openalex.org/W2020523351","https://openalex.org/W2023126882","https://openalex.org/W2024265791","https://openalex.org/W2024701722","https://openalex.org/W2026326259","https://openalex.org/W2027889491","https://openalex.org/W2027892517","https://openalex.org/W2034273530","https://openalex.org/W2037105361","https://openalex.org/W2038180660","https://openalex.org/W2038224101","https://openalex.org/W2047101657","https://openalex.org/W2053451357","https://openalex.org/W2055554815","https://openalex.org/W2060542710","https://openalex.org/W2066186944","https://openalex.org/W2067294622","https://openalex.org/W2070878105","https://openalex.org/W2071511656","https://openalex.org/W2072966497","https://openalex.org/W2077501995","https://openalex.org/W2081432842","https://openalex.org/W2096851833","https://openalex.org/W2097580507","https://openalex.org/W2097701282","https://openalex.org/W2099092184","https://openalex.org/W2102311728","https://openalex.org/W2108817771","https://openalex.org/W2112439978","https://openalex.org/W2115528682","https://openalex.org/W2118146183","https://openalex.org/W2119498890","https://openalex.org/W2126806822","https://openalex.org/W2130172872","https://openalex.org/W2131773668","https://openalex.org/W2133817698","https://openalex.org/W2136388022","https://openalex.org/W2137298899","https://openalex.org/W2142789928","https://openalex.org/W2144417994","https://openalex.org/W2148402268","https://openalex.org/W2148586327","https://openalex.org/W2149662459","https://openalex.org/W2154718048","https://openalex.org/W2156900158","https://openalex.org/W2158639100","https://openalex.org/W2160626445","https://openalex.org/W2161531238","https://openalex.org/W2162713579","https://openalex.org/W2163459644","https://openalex.org/W2164539564","https://openalex.org/W2164793961","https://openalex.org/W2167502121","https://openalex.org/W2168222120","https://openalex.org/W2246248158","https://openalex.org/W2258010661","https://openalex.org/W3121878673","https://openalex.org/W3122161526","https://openalex.org/W3122720721","https://openalex.org/W3122766649","https://openalex.org/W3122812332","https://openalex.org/W3122963272","https://openalex.org/W3123218623","https://openalex.org/W3123252495","https://openalex.org/W3123315809","https://openalex.org/W3123360557","https://openalex.org/W3123518033","https://openalex.org/W3123843928","https://openalex.org/W3123914693","https://openalex.org/W3124041048","https://openalex.org/W3124081884","https://openalex.org/W3124388601","https://openalex.org/W3124662140","https://openalex.org/W3124845653","https://openalex.org/W3125069481","https://openalex.org/W3125205100","https://openalex.org/W3125392532","https://openalex.org/W3125438718","https://openalex.org/W3125491259","https://openalex.org/W3125543767","https://openalex.org/W3125581707","https://openalex.org/W3125721039","https://openalex.org/W3125791077","https://openalex.org/W3125880770","https://openalex.org/W3214898841","https://openalex.org/W6683513986"],"related_works":["https://openalex.org/W2038180660","https://openalex.org/W2897956603","https://openalex.org/W1980922202","https://openalex.org/W2264115896","https://openalex.org/W1598147191","https://openalex.org/W7096472307","https://openalex.org/W917066691","https://openalex.org/W2527601408","https://openalex.org/W7084255199","https://openalex.org/W3020807570"],"abstract_inverted_index":{"The":[0,23],"study":[1],"explores":[2],"the":[3,14,17,44,52,56,61,67,71,74,76,89,138,144,160,166,169,173,176,182,189,199,236],"inter-relationship":[4],"between":[5],"stock":[6,118],"prices":[7,38,128],"and":[8,39,112,135,225],"earnings":[9,28,133,201,242],"management":[10,134,243],"by":[11,132,143],"acquirers":[12,187,206,246],"in":[13,66,96,153,159,188],"context":[15,161],"of":[16,51,88,162,175,185,203,235],"UK":[18],"market":[19,46,127],"for":[20,43,228],"corporate":[21],"control.":[22],"results":[24,170],"show":[25],"that":[26,79,97,126,136,172,207],"inflating":[27],"prior":[29],"to":[30,36,40,60,73,85,103,109,113,196,217,230,247,253,264],"a":[31,150],"bid":[32],"does":[33],"indeed":[34],"seem":[35],"affect":[37],"have":[41],"implications":[42],"acquirer\u2019s":[45,91,145],"performance":[47,184],"at":[48,209],"various":[49],"stages":[50],"M&A":[53],"transaction:":[54],"during":[55],"period":[57],"leading":[58,151],"up":[59,229],"deal":[62],"as":[63,65,119],"well":[64],"post-merger":[68,167],"period.":[69],"In":[70],"run-up":[72],"bid,":[75],"evidence":[77],"suggests":[78],"aggressive":[80],"accrual":[81],"reporting":[82],"\u2013":[83,99],"equivalent":[84],"almost":[86],"half":[87],"average":[90],"return":[92],"on":[93],"total":[94],"assets":[95],"year":[98],"enables":[100,244],"share":[101,186,205,245],"bidders":[102,111,258],"induce":[104],"significantly":[105],"higher":[106],"overvaluation":[107,178,251],"relative":[108,216,252],"cash":[110,218],"subsequently":[114],"use":[115,260],"their":[116,250,261],"misvalued":[117],"cheap":[120],"acquisition":[121],"currency.":[122],"This":[123,220],"finding":[124],"implies":[125],"can":[129,208,259],"be":[130],"distorted":[131],"if":[137],"latter":[139],"is":[140,192,223,238],"skilfully":[141],"deployed":[142],"executives,":[146],"it":[147],"could":[148],"play":[149],"role":[152],"achieving":[154],"more":[155],"favourable":[156],"exchange":[157],"ratios":[158],"share-swap":[163],"acquisitions.":[164],"During":[165],"period,":[168],"suggest":[171],"reversal":[174],"pre-bid":[177],"alone":[179],"cannot":[180],"explain":[181],"negative":[183],"long-run.":[190],"It":[191],"rather":[193],"investors\u2019":[194],"inability":[195],"see":[197],"through":[198],"poor":[200],"quality":[202],"overvalued":[204],"least":[210],"partly":[211],"predict":[212],"these":[213],"acquirers\u2019":[214],"underperformance":[215],"bidders.":[219],"underperformance,":[221],"which":[222],"sizeable":[224],"statistically":[226],"significant":[227],"three":[231],"years":[232],"following":[233],"completion":[234],"deal,":[237],"however":[239],"mitigated":[240],"when":[241,257],"rationally":[248],"exploit":[249],"target":[254],"firms,":[255],"i.e.,":[256],"over-valued":[262],"equity":[263],"acquire":[265],"relatively":[266],"less-overvalued":[267],"targets.":[268]},"counts_by_year":[{"year":2022,"cited_by_count":15},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}