Title
Agency Costs in Small Firm Acquisitions: Evidence from Russell 2000 Firms Acquired During the Two Years Ended June 30, 2001,Used
Delivery time: 8-12 business days (International)
This event study examines small Russell 2000 firms acquired during the two years ending June 30, 2001. This study tests whether bidders highly value sales or assets (the agency hypothesis) or profits/cash flows (the alternative hypothesis). This study finds that independent director majorities or the presence of academic directors on acquirer boards of directors are associated with lower targetfirm announcementperiod abnormal returns. Acquirer boards with both an independent director majority and at least one director from academia are associated with the lowest targetfirm announcementperiod abnormal returns of any of the groups examined. Consistent with prior research, diversifying acquisitions are associated with higher targetfirm and lower acquirer announcementperiod abnormal returns than focusing acquisitions. However, a closer look at diversifying acquisitions suggests that acquirers more highly value smaller, more profitable target firms for use in entering unfamiliar industries. Therefore, a ?dip your toe into a different pond theory? might be more appropriate for these types of diversifying acquisitions than either the agency or hubris theories.
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Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.