Abstracts
Abstract
This paper examines the impact of investor sentiment on merger outcomes, in particular on bid premiums. Using international data from 54 countries between 2000 and 2021, our results show that investor sentiment has a positive effect on bid premiums. Our findings also suggest that the association between investor sentiment and bid premiums is more pronounced in countries culturally prone to herd-like behavior and overreaction. However, this effect is reduced both in countries with highly efficient institutions and in serial deals. Our results are robust to several checks.
Keywords:
- Investor sentiment,
- M&A,
- bid premium,
- cultural and institutional factors,
- serial acquisitions
Résumé
Cet article étudie l’impact du sentiment des investisseurs sur les primes d’acquisition payées lors des opérations de fusions et acquisitions (F&As). Notre étude porte sur un échantillon international qui couvre les opérations initiées dans 54 pays sur la période 2000-2021. Nous trouvons que le sentiment des investisseurs du pays de l’acquéreur influence positivement la prime d’acquisition. L’effet du sentiment de l’investisseur sur la prime d’acquisition est plus prononcé dans les pays les plus culturellement enclins à des comportements de sur-réaction ou grégaires. Cet effet se révèle plus faible dans les pays qui se caractérisent par un cadre institutionnel efficient, et pour les entreprises ayant déjà effectué des acquisitions successives. Nos résultats restent stables à l’utilisation de plusieurs tests de robustesse.
Mots-clés :
- sentiment des investisseurs,
- F&A,
- prime d’acquisition,
- facteurs institutionnels et culturels,
- acquisitions successives
Resumen
Este artículo examina el impacto del sentimiento de los inversores en los resultados de fusiones, en particular en las primas de oferta. Utilizando datos internacionales de 54 países entre 2000 y 2021, nuestros resultados muestran que el sentimiento de los inversores tiene un efecto positivo en las primas de oferta. Nuestros hallazgos también sugieren que la asociación entre el sentimiento de los inversores y las primas de oferta es más pronunciada en países culturalmente propensos a comportamientos gregarios y a la sobrerreacción. Sin embargo, este efecto se reduce tanto en países con instituciones altamente eficientes como en acuerdos sucesivos. Nuestros resultados se mantienen estables tras varias pruebas de robustez.
Palabras clave:
- sentimiento de los inversores,
- fusiones y adquisiciones,
- prima de adquisición,
- factores institucionales y culturales,
- adquisiciones en serie
Appendices
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