Pricing media sentiment: Evidence from global mergers and acquisitions

Article

Shams, Syed, Bose, Sudipta and Sheikhbahaei, Ali. 2024. "Pricing media sentiment: Evidence from global mergers and acquisitions." Pacific-Basin Finance Journal. 86. https://doi.org/10.1016/j.pacfin.2024.102447
Article Title

Pricing media sentiment: Evidence from global mergers and acquisitions

ERA Journal ID32913
Article CategoryArticle
AuthorsShams, Syed, Bose, Sudipta and Sheikhbahaei, Ali
Journal TitlePacific-Basin Finance Journal
Journal Citation86
Article Number102447
Number of Pages28
Year2024
PublisherElsevier
Place of PublicationNetherlands
ISSN0927-538X
Digital Object Identifier (DOI)https://doi.org/10.1016/j.pacfin.2024.102447
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S0927538X24001987
Abstract

In this study, we examine the association between bidders' media sentiment and the acquisition performance of 5196 domestic mergers and acquisitions across 40 countries from 2000 to 2018. Our results show a causal and positive relationship between media sentiment and the bidders' announcement returns. This supports the investor attention theory, suggesting that investors perceive bidders' media sentiment as informative and value-relevant. Using a dozen major terrorist attacks worldwide as exogenous shocks to business news, we establish a more credible causal link from media sentiment to market reactions. Our results are more pronounced for firms in a higher information asymmetry environment. Additionally, our study finds that higher levels of voice and accountability within a country mitigate the positive impact of media sentiment on bidder returns. We conduct additional robustness tests to further validate these findings and to address possible endogeneity concerns.

KeywordsMedia sentimentAnnouncement returnsDomestic takeover marketCountry governance
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350208. Investment and risk management
Public Notes

The accessible file is the accepted version of the paper. Please refer to the URL for the published version.

Byline AffiliationsSchool of Business
University of Newcastle
Monash University
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