IPO relative difficulty, M&A option and size effect
文献类型：期刊论文
| 作者 | Wan, Die1; Yang, Teng2; Yang, Xiaoguang3 |
| 刊名 | JOURNAL OF ASIAN ECONOMICS
 |
| 出版日期 | 2021-10-01 |
| 卷号 | 76页码:17 |
| 关键词 | Small firm premium IPO Merger and acquisition Financing difficulty |
| ISSN号 | 1049-0078 |
| DOI | 10.1016/j.asieco.2021.101350 |
| 英文摘要 | Size effect in the Chinese stock market is huge from 2012 to 2017. We empirically identify a driving force behind the effect: M&A option caused by IPO and M&A policies changes. We show that the M&A frequency increases and the acquirers' market value deceases as the IPO relative difficulty rises, small firm premium is positively related to both IPO relative difficulty and M&A frequency, and among the listed firms that have stronger tendency to merge or acquire a private firm, size effect is significantly larger. These results hold when controlling reverse merger probability. In sum, we reveal a new mechanism: Compared with a large public firm, a small one is more likely to acquire a private firm with discount since both the acquired and the acquirer benefit more, so the stock price of a small firm contains a larger part of M&A option. This option value increases as IPO relative difficulty rises. |
| 资助项目 | National Natural Science Foundation of China[71850008] ; Zhejiang Provincial Natural Science Foundation[LY21G010001] ; Hangzhou Philosophy and Social Science Planning Project[Z21JC101] |
| WOS研究方向 | Business & Economics |
| 语种 | 英语 |
| WOS记录号 | WOS:000696998600005 |
| 出版者 | ELSEVIER |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/59266]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Wan, Die |
| 作者单位 | 1.Zhejiang Gongshang Univ, Sch Finance, Off 830 Main Bldg,18 Xuezheng Rd, Hangzhou 310018, Peoples R China 2.Yinhua Fund Management Co Ltd, Dept Quantitat Investment, Beijing, Peoples R China 3.Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China |
| 推荐引用方式 GB/T 7714 | Wan, Die,Yang, Teng,Yang, Xiaoguang. IPO relative difficulty, M&A option and size effect[J]. JOURNAL OF ASIAN ECONOMICS,2021,76:17. |
| APA | Wan, Die,Yang, Teng,&Yang, Xiaoguang.(2021).IPO relative difficulty, M&A option and size effect.JOURNAL OF ASIAN ECONOMICS,76,17. |
| MLA | Wan, Die,et al."IPO relative difficulty, M&A option and size effect".JOURNAL OF ASIAN ECONOMICS 76(2021):17. |
入库方式： OAI收割
来源：数学与系统科学研究院
浏览0
下载0
收藏0
其他版本
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。