A Conceptual Framework for the Stock Price Effects of LIFO Tax Benefits

1993 ◽  
Vol 31 (1) ◽  
pp. 50 ◽  
Author(s):  
Sok-Hyon Kang
Keyword(s):  
Conceptual Framework ◽  
Stock Price ◽  
Price Effects ◽  
Tax Benefits

The Effect of Acquirer Net Operating Losses on Acquisition Premiums and Acquirer Abnormal Returns

2019 ◽  
Vol 41 (2) ◽  
pp. 103-124
Author(s):  
Merle M. Erickson ◽  
Karen Ton ◽  
Shiing-wu Wang
Keyword(s):  
Stock Price ◽  
Abnormal Returns ◽  
Price Response ◽  
Transaction Prices ◽  
Merger Announcement ◽  
Tax Benefits

ABSTRACT This study examines whether acquirer NOL-related tax benefits generated in an acquisition are shared with the target. For a sample of 1,959 acquisitions, we find that acquisitions of profitable targets by acquirers with NOLs are associated with higher acquisition premiums than acquisitions by non-NOL acquirers. This result indicates that potential post-acquisition tax benefits from use of acquirer NOLs are shared with the target in the form of higher transaction prices. We also find that the acquirer's merger announcement stock price response is positively associated with these tax benefits, which is consistent with the conclusion that acquirers retain part of these potential tax benefits.

New Evidence on Stock Price Effects Associated with Changes in the S&P 500 Index

1997 ◽  
Vol 70 (3) ◽  
pp. 351-383 ◽  
Author(s):  
Anthony W. Lynch ◽  
Richard R. Mendenhall
Keyword(s):  
Stock Price ◽  
Price Effects ◽  
New Evidence

Stock price effects and costs of secondary distributions

1985 ◽  
Vol 14 (2) ◽  
pp. 165-194 ◽  
Author(s):  
Wayne H. Mikkelson ◽  
M.Megan Partch
Keyword(s):  
Stock Price ◽  
Price Effects

Stock-Price Effects of Internet Buy-Sell Recommendations: The Motley Fool Case

2000 ◽  
Vol 35 (2) ◽  
pp. 147-174 ◽  
Author(s):  
Mark Hirschey ◽  
Vernon J. Richardson ◽  
Susan Scholz
Keyword(s):  
Stock Price ◽  
Price Effects
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