第
30
卷
摇
第
6
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,
徐文仲
:
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[
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]
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,
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.
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.
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]
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Research on Short鄄term Wealth Effect of M&A Announcement
Based on Investors蒺 Limited Attention
ZHANG Jide
1
, ZHANG Rongwu
2
& XU Wenzhong
3
(
1. School of Business
,
Beijing Technology and Business University
,
Beijing 100048
,
China
;
2. School of Economics and Statistics
,
Guangzhou University
,
Guangzhou
,
Guangdong 510320
,
China
;
3. Auditing Department
,
Huaxia Bank
,
Beijing 100005
,
China
)
Abstract
: Based on the perspective of investors蒺 limited attention, an empirical study is made onthe short鄄term wealth effect
caused by M&A announcement. The research result shows that acquiring company has the short鄄term wealth effect due to the de鄄
gree of different investors蒺 limited attention before or after the announcement. The More closeto announcement day, the more sig鄄
nificant the short鄄term wealth effect. At the same time, the investors蒺 own distraction degree is characteristic of weekly distribu鄄
tion, which will cause the weekly change in combiner蒺s short鄄term wealth effect, the management of the listed companies will also
choose the time to release the M&A announcement accordingly, which will lead a more obviouswealth effect of weekly change.
However, the limitation of investors蒺 attention to the characteristics of the listed companies leads to market overreaction to M&A
announcement, which increases the short鄄term wealth effect. Therefore, the regulatory authority shall establish and improve the
major information disclosure mechanism, strengthen the investors蒺 education work and value鄄investment guidance. The listed com鄄
panies shall establish some effective internal control system to enhance the information transparency, authenticity and timeliness.
Key Words
: limited attention; M&A announcement; wealth effect
(
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摇
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)
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