{"id":119820,"date":"2021-11-09T17:00:07","date_gmt":"2021-11-09T16:00:07","guid":{"rendered":"https:\/\/www.ieseg.fr\/?post_type=events&p=119820"},"modified":"2021-11-09T17:00:07","modified_gmt":"2021-11-09T16:00:07","slug":"research-seminar-finance-alimov","status":"publish","type":"events","link":"https:\/\/www.ieseg.fr\/en\/events\/research-seminar-finance-alimov\/","title":{"rendered":"[Research Seminar] Finance: “Expected stock returns and corporate acquisitions” A. ALIMOV – I\u00c9SEG"},"content":{"rendered":"

\"\"<\/p>\n

Speakers: Azizjon ALIMOV
\n<\/strong>I\u00c9SEG School of Management<\/p>\n

Date and Location – Thursday November 18th 2021 from 13:30 to 15:00
\nin PR13 (Paris campus) and on Zoom<\/strong><\/p>\n

—————————————–<\/p>\n

ABSTRACT<\/h2>\n

We examine how firm-level expected return measures (ERM) are considered in firms\u2019 acquisition decisions. In theory, when expected returns rise acquisition activity should fall. We find that stock price-and stock option-implied ERMs are strongly negatively related to acquisition activity, as theory predicts. In contrast, factor model-based ERMs such as the CAPM show a negative relation with acquisition activity. When implied ERM are high acquirers appear to pursue the most value-enhancing deals and pay lower premiums. We also document that the impact of the implied cost of capital measures are particularly prevalent among firms with greater institutional ownership. These findings suggest that managers accurately update changes in expected returns when making important investment decisions despite the failure of standard factor-based models in this regard.<\/p>\n

More<\/strong> Info<\/a>
\nJoin<\/strong> the webinar<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Speakers: Azizjon ALIMOV I\u00c9SEG School of Management Date and Location – Thursday November 18th 2021 from 13:30 to 15:00 in PR13 (Paris campus) and on Zoom —————————————– ABSTRACT We examine […]<\/p>\n","protected":false},"featured_media":0,"template":"","events-category":[66,166],"acf":[],"yoast_head":"\n[Research Seminar] Finance: "Expected stock returns and corporate acquisitions" A. 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