| Author: | Liu, Tsz Chung Michael |
| Title: | The impact of economic policy uncertainty on the sensitivity between report readability and M&A activities |
| Advisors: | Tong, Wilson (AF) Jiang, Li (AF) |
| Degree: | D.B.A. |
| Year: | 2022 |
| Subject: | Consolidation and merger of corporations -- China China -- Economic policy Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | iv, 114 pages : color illustrations |
| Language: | English |
| Abstract: | In this thesis, I investigate the impact of Economic Policy Uncertainty (EPU) on takeover activities and on the sensitivity between company's annual report readability and takeover activities using the China data. The takeover activities examined in this thesis include the likelihood of takeover, the likelihood of takeover completion, the takeover premium, the method of payment and the magnitude of the takeover announcement return. Results show that although takeovers are less likely to occur and carry a lower bid premium under EPU, they tend to complete through cash payments once initiated. Nonetheless, the announcement effects of takeovers occurred during the uncertainty periods tends to be smaller than during other periods. As for the impact of EPU on the sensitivity between report readability and the takeover activities, I find that EPU weakens the acquirer report readability sensitivity to the takeover likelihood; the takeover success likelihood, the takeover premium to some extent and the market announcement effect; but not to the payment method. My study hence contributes to the EPU literature, the M&A literature, as well as the readability literature. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 6600.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.09 MB | Adobe PDF | View/Open |
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