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The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions
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| Zeitschriftentitel: | The Accounting Review |
|---|---|
| Personen und Körperschaften: | |
| In: | The Accounting Review, 95, 2020, 1, S. 287-310 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
American Accounting Association
|
| Schlagwörter: |
| author_facet |
Liu, Tingting Liu, Tingting |
|---|---|
| author |
Liu, Tingting |
| spellingShingle |
Liu, Tingting The Accounting Review The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions Economics and Econometrics Finance Accounting |
| author_sort |
liu, tingting |
| spelling |
Liu, Tingting 0001-4826 1558-7967 American Accounting Association Economics and Econometrics Finance Accounting http://dx.doi.org/10.2308/accr-52444 <jats:title>ABSTRACT</jats:title><jats:p>Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high—e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness opinion valuation predominantly relies on accounting data, and the benefit of seeking a second opinion increases with a firm's earnings quality. Collectively, the results suggest that a second opinion is used to facilitate transactions.</jats:p><jats:p>JEL Classifications: G34; G24; J33.</jats:p> The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions The Accounting Review |
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| title |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_unstemmed |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_full |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_fullStr |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_full_unstemmed |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_short |
The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_sort |
the information provision in the corporate acquisition process: why target firms obtain multiple fairness opinions |
| topic |
Economics and Econometrics Finance Accounting |
| url |
http://dx.doi.org/10.2308/accr-52444 |
| publishDate |
2020 |
| physical |
287-310 |
| description |
<jats:title>ABSTRACT</jats:title><jats:p>Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high—e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness opinion valuation predominantly relies on accounting data, and the benefit of seeking a second opinion increases with a firm's earnings quality. Collectively, the results suggest that a second opinion is used to facilitate transactions.</jats:p><jats:p>JEL Classifications: G34; G24; J33.</jats:p> |
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| description | <jats:title>ABSTRACT</jats:title><jats:p>Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high—e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness opinion valuation predominantly relies on accounting data, and the benefit of seeking a second opinion increases with a firm's earnings quality. Collectively, the results suggest that a second opinion is used to facilitate transactions.</jats:p><jats:p>JEL Classifications: G34; G24; J33.</jats:p> |
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| physical | 287-310 |
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| series | The Accounting Review |
| source_id | 49 |
| spelling | Liu, Tingting 0001-4826 1558-7967 American Accounting Association Economics and Econometrics Finance Accounting http://dx.doi.org/10.2308/accr-52444 <jats:title>ABSTRACT</jats:title><jats:p>Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high—e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness opinion valuation predominantly relies on accounting data, and the benefit of seeking a second opinion increases with a firm's earnings quality. Collectively, the results suggest that a second opinion is used to facilitate transactions.</jats:p><jats:p>JEL Classifications: G34; G24; J33.</jats:p> The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions The Accounting Review |
| spellingShingle | Liu, Tingting, The Accounting Review, The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions, Economics and Econometrics, Finance, Accounting |
| title | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_full | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_fullStr | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_full_unstemmed | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_short | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| title_sort | the information provision in the corporate acquisition process: why target firms obtain multiple fairness opinions |
| title_unstemmed | The Information Provision in the Corporate Acquisition Process: Why Target Firms Obtain Multiple Fairness Opinions |
| topic | Economics and Econometrics, Finance, Accounting |
| url | http://dx.doi.org/10.2308/accr-52444 |