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英语翻译
This may not be surprising,given that previous literature has found that advertising is related to higher stock price (and better performance).However,to our knowledge we are the rst to document the link between advertising prior to a merger and the method of payment used in that merger.Finally,this paper examines whether stock-based acquirers increase their advertising intensity in the pre-merger period to gain economic bene?t.It provides some evidence of the existence of an economic incentive for such strategic actions by the stock-based acquirers.
This may not be surprising,given that previous literature has found that advertising is related to higher stock price (and better performance).However,to our knowledge we are the rst to document the link between advertising prior to a merger and the method of payment used in that merger.Finally,this paper examines whether stock-based acquirers increase their advertising intensity in the pre-merger period to gain economic bene?t.It provides some evidence of the existence of an economic incentive for such strategic actions by the stock-based acquirers.
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