R&D and cash flow on the impact of announcement returns for bidding firms in M&As: The empirical evidence from the US market

• Main Authors: CHIANG,CHEN-YI, 江貞誼
• Other Authors: CHUANG,KAI-SHI
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/h2h68p

碩士 === 東海大學 === 財務金融學系 === 106 === This study uses 1320 samples to examine research and development of scale for bidding firms in the USA market. The sampling period covers from 2008 to 2013. Using the event study methodology with the market model, the empirical evidence showed that bidding firms created significant positive abnormal returns on the announcement date. A further analysis showed that bidder whose research and development of high scale obtained significant positive abnormal returns in the announcement, and the same result was in bidder whose research and development of high scale and low cash flow. Furthermore, the result showed that there was higher abnormal return for bidding firms having research and development of high scale and high cash flow than those had low cash flow. When carrying on the cross-sectional multiple regression analysis, the results revealed that bidders obtained higher announcement returns when bidder size was small and bidder debit ratio was increase.