The effect of bidder conservatism on M&A decisions: text-based evidence from US 10-K filings

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The effect of bidder conservatism on M&A decisions: text-based evidence from US 10-K filings

This paper examines whether and how bidders' conservative tone in 10-K filings influences the subsequent mergers and acquisitions (M&A) investment decisions of these US firms from 1996 to 2013. Based on 39,260 firm-year observations, we find, consistent with behavioural consistency theory,...

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Bibliographic Details
Main Authors:	Ahmed, Yousry, Elshandidy, Tamer
Format:	Article
Published:	Elsevier 2016
Subjects:	Textual sentiment; Bidders' conservative tone; Behavioural consistency theory; Risk averse; Payment method; Market reaction; Types of acquisitions
Online Access:	https://eprints.nottingham.ac.uk/43020/

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