Acquiring Firm Characteristics and the Medium of Exchange

An analysis of 35 cash mergers and 88 stock mergers shows that acquiring firms that use cash as the medium of exchange in a merger have different financial and operating characteristics than acquiring firms that use stock. Acquiring firms with large asset bases, low leverage, low return on assets, a...

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Veröffentlicht in:	Quarterly journal of business and economics 1991-10, Vol.30 (4), p.55-69
Hauptverfasser:	Chaney, Paul K., Lovata, Linda M., Philipich, Kirk L.
Format:	Artikel
Sprache:	eng
Schlagworte:	Acquisitions & mergers Acquisitions and mergers Analysis Business structures Cash Comparative studies Debt capacity Economic models Economic theory Effects Financial leverage Free cash flow Leveraged buyouts Media of exchange Methods Payments Regression analysis Sales growth Shareholders Stock prices Tender offers (Securities) Working capital
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