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Acquiring firm characteristics and the medium of exchange.
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Acquiring Firm Characteristics and the Medium of Exchange
Paul K. Chaney Vanderbilt University
Linda M. Lovata Southern Illinois University at Edwardsville
Kirk L. Philipich(*) St. Louis University
Abstract
An analysis of 35 cash mergers and 88 stock mergers shows that
acquiring firms that use cash as the medium of exchange in a merger
have different financial and operating characteristics than acquiring firms
that use stock. Acquiring firms with large asset bases, low leverage,
low return on assets, and high price/earnings ratios tend to ...
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