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題名 Extreme negative events and corporate acquisitions: Terrorist attacks
作者 黃嘉威
Huang, Chia-Wei;Lin, Chih-Yen
貢獻者 財管系
關鍵詞 Risk perception; Mergers and acquisitions; Terrorist attacks; Corporate performance
日期 2023-11
上傳時間 29-Jan-2024 09:12:03 (UTC+8)
摘要 We examine the effect of extreme negative events on the perception of corporate managers and their merger and acquisition decisions. As terrorist attacks cause fear and anxiety, leading to political or private benefit to the perpetrator, and are not executed to affect corporate policy decision-making, these events represent clean, exogenous shocks to the crucial assumption and create appropriate conditions for applying the difference-in-differences approach. Taking advantage of these exogenous shock events, we apply a difference-in-differences methodology to minimize the risk of endogeneity bias. Our empirical results show that terrorist attacks significantly and negatively affect the acquisition activities and acquisition performance of acquirers.
關聯 Global Finance Journal, Vol.58, 100888
資料類型 article
DOI https://doi.org/10.1016/j.gfj.2023.100888
dc.contributor 財管系
dc.creator (作者) 黃嘉威
dc.creator (作者) Huang, Chia-Wei;Lin, Chih-Yen
dc.date (日期) 2023-11
dc.date.accessioned 29-Jan-2024 09:12:03 (UTC+8)-
dc.date.available 29-Jan-2024 09:12:03 (UTC+8)-
dc.date.issued (上傳時間) 29-Jan-2024 09:12:03 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/149413-
dc.description.abstract (摘要) We examine the effect of extreme negative events on the perception of corporate managers and their merger and acquisition decisions. As terrorist attacks cause fear and anxiety, leading to political or private benefit to the perpetrator, and are not executed to affect corporate policy decision-making, these events represent clean, exogenous shocks to the crucial assumption and create appropriate conditions for applying the difference-in-differences approach. Taking advantage of these exogenous shock events, we apply a difference-in-differences methodology to minimize the risk of endogeneity bias. Our empirical results show that terrorist attacks significantly and negatively affect the acquisition activities and acquisition performance of acquirers.
dc.format.extent 105 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Global Finance Journal, Vol.58, 100888
dc.subject (關鍵詞) Risk perception; Mergers and acquisitions; Terrorist attacks; Corporate performance
dc.title (題名) Extreme negative events and corporate acquisitions: Terrorist attacks
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.gfj.2023.100888
dc.doi.uri (DOI) https://doi.org/10.1016/j.gfj.2023.100888