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The JOBS Act and mergers and acquisitions
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Chu, Yongqiang, Liu, Ming and Zhang, Shu (2022) The JOBS Act and mergers and acquisitions. Journal of Corporate Finance, 72 . 102153. doi:10.1016/j.jcorpfin.2021.102153 ISSN 0929-1199.
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Official URL: http://dx.doi.org/10.1016/j.jcorpfin.2021.102153
Abstract
We examine how the Jumpstart Our Business Startup Act (JOBS Act) affects mergers and acquisitions. We find that U.S. private targets are valued higher after the JOBS Act relative to public targets acquired by U.S. acquirers. The announcement returns of acquirers who acquired U.S. private targets after the JOBS Act are lower. The effect concentrates on private targets that are unlikely to qualify as small reporting companies should they choose to go public. We also show that the results are unlikely to be driven by changes in deal synergy.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Journal of Corporate Finance | ||||||
| Publisher: | Elsevier Science BV | ||||||
| ISSN: | 0929-1199 | ||||||
| Official Date: | February 2022 | ||||||
| Dates: |
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| Volume: | 72 | ||||||
| Article Number: | 102153 | ||||||
| DOI: | 10.1016/j.jcorpfin.2021.102153 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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