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This paper aims to show that information asymmetry plays a vital role in the post-M&A performance-time until deal completion nexus. The findings are that the due diligence hypothesis and the overdue hypothesis proposed and tested in Thompson and Kim (2020) are influenced by the information asymmetry of the target during the negotiation process. Thus, mergers that involve more opaque targets that take a shorter time to close perform better, whereas those that take too long to close experience poor post-M&A performance. Conversely, there is no such effect when the mergers involve targets that are transparent and not plagued with large information asymmetry problems. These results hold for the short-term supporting the evidence that information asymmetry problems are severe before the merger is consummated and become attenuated post-merger.
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참고문헌 (35)
참고문헌 신청
Akerlof, G. A. / 1970 / The market for lemons : Quality uncertainty and the market mechanism / The Quarterly Journal of Economics 84(3):488~500
Armstrong, C. S. / 2011 / When does information asymmetry affect the cost of capital? / Journal of Accounting Research 49(1):1~40
Bartov, E. / 1996 / Alternative accounting methods, information asymmetry and liquidity : theory and evidence / Accounting Review 71(3):397~418
Bhagwat, V. / 2016 / The real effects of uncertainty on merger activity / Review of Financial Studies 29(11):3000~3034
Boeh, K. K. / 2011 / Contracting costs and information asymmetry reduction in cross-border M&A / Journal of Management Studies 48(3):568~590
Armstrong, C. S. / 2011 / When does information asymmetry affect the cost of capital? / Journal of Accounting Research 49(1):1~40
Bartov, E. / 1996 / Alternative accounting methods, information asymmetry and liquidity : theory and evidence / Accounting Review 71(3):397~418
Bhagwat, V. / 2016 / The real effects of uncertainty on merger activity / Review of Financial Studies 29(11):3000~3034
Boeh, K. K. / 2011 / Contracting costs and information asymmetry reduction in cross-border M&A / Journal of Management Studies 48(3):568~590
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