Merger abnormal returns and payment methods of hospitality firms |
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| Authors: | Jing Yang Hailin Qu Woo Gon Kim |
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| Affiliation: | aSchool of Hotel and Restaurant Administration, 210 Human Environmental Sciences, Oklahoma State University, Stillwater, OK 74078-6173, United States;bSchool of Hospitality at Florida State University, United States |
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| Abstract: | The study aims to examine the long-term abnormal returns to hospitality acquirers as well as the association between excess returns with financing methods and size. The study applies regression analysis with secondary data examining 19 hospitality acquirers from 1996 to 2007. Using hospitality sector specific indices, the study shows that hospitality acquirers receive positive abnormal returns 12 months post-merger and that there is negative association between cash payment and acquirers’ excess returns. |
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| Keywords: | Hospitality acquirers Stock performance Merger and acquisition Abnormal return Payment methods Merger size |
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