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When Friends Become Foes : = Disclosure Decisions After Failed M&A Deals.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	When Friends Become Foes :/
Reminder of title:	Disclosure Decisions After Failed M&A Deals.
Author:	Yoo, Il Sun.
Description:	1 online resource (63 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-02, Section: B.
Contained By:	Dissertations Abstracts International85-02B.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798380117098

When Friends Become Foes : = Disclosure Decisions After Failed M&A Deals.
Yoo, Il Sun.

When Friends Become Foes :Disclosure Decisions After Failed M&A Deals. - 1 online resource (63 pages)

Source: Dissertations Abstracts International, Volume: 85-02, Section: B.

Thesis (Ph.D.)--University of California, Irvine, 2023.

Includes bibliographical references

In this paper, I examine the effects of failed M&A deals on firms' disclosure decisions. As a firm's detailed proprietary information is shared with the counterparty during an M&A deal, the value of the information declines if the deal fails. As a result, it becomes less costly for the firm to disclose the information publicly. Consistent with this reasoning, I find increases in the disclosure of proprietary information in the year after firms experience failed deals. I strengthen my inference through a quasi-natural experiment based on the Federal Trade Commission's guidance, which constrains the exchange of proprietary information during M&A deals. I also provide evidence that investor demand contributes to this effect. Finally, consistent with the notion that increased disclosure of proprietary information effectively reduces information asymmetry, I find decreases in information asymmetry between firms and their investors after failed deals. Overall, my study sheds light on how failed deals affect the disclosure decisions and information environment of the firms involved.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380117098Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Disclosure decisionsIndex Terms--Genre/Form:

554714
Electronic books.

When Friends Become Foes : = Disclosure Decisions After Failed M&A Deals.
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500 $a Source: Dissertations Abstracts International, Volume: 85-02, Section: B.
500 $a Advisor: Lourie, Ben;Shevlin, Terry.
502 $a Thesis (Ph.D.)--University of California, Irvine, 2023.
504 $a Includes bibliographical references
520 $a In this paper, I examine the effects of failed M&A deals on firms' disclosure decisions. As a firm's detailed proprietary information is shared with the counterparty during an M&A deal, the value of the information declines if the deal fails. As a result, it becomes less costly for the firm to disclose the information publicly. Consistent with this reasoning, I find increases in the disclosure of proprietary information in the year after firms experience failed deals. I strengthen my inference through a quasi-natural experiment based on the Federal Trade Commission's guidance, which constrains the exchange of proprietary information during M&A deals. I also provide evidence that investor demand contributes to this effect. Finally, consistent with the notion that increased disclosure of proprietary information effectively reduces information asymmetry, I find decreases in information asymmetry between firms and their investors after failed deals. Overall, my study sheds light on how failed deals affect the disclosure decisions and information environment of the firms involved.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
653 $a Disclosure decisions
653 $a M&A deals
653 $a Firm
653 $a Proprietary information
653 $a Investors
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