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 SizeFormat 
6600.pdfFor All Users (off-campus access for PolyU Staff & Students only)1.09 MBAdobe PDFView/Open


Copyright Undertaking

As a bona fide Library user, I declare that:

  1. I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
  2. I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
  3. I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.

By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.

Show full item record

Please use this identifier to cite or link to this item: https://theses.lib.polyu.edu.hk/handle/200/12136