Market reactions to acquisition announcements: The importance of signaling ‘why’ and ‘where’

Acquisitions are risky events but not all acquisitions involve the same levels of risk. We suggest that the announced acquisition motive – the ‘why’ of the acquisition – is an important risk signal. We categorize acquisition motives and distinguish between acquisitions with ‘pure explore’ and ‘pure exploit’ motives. Recognizing that most acquisitions have multiple motives, we identify acquisitions with ‘ambidextrous’ motives – that is different combinations of explorative and exploitative motives – too. Then, building on recent contributions to signaling theory, we argue that the ‘why’ will matter more, if the ‘where’ pertains to a high-risk setting. We measure this using target-to-acquirer industry relatedness. We find that the market reacts more positively to pure acquisitions, aimed at exploration or exploitation, compared to ambidextrous acquisitions. We show that the market reacts more positively to ambidextrous acquisitions orientated towards exploitation than ambidextrous acquisitions orientated toward exploration. Finally, we find that relatedness moderates this relationship, in that the market is more willing to tolerate exploration in a related industry. Our core contribution is to the literatures on acquisition motives and ambidexterity. We provide new insights into the incidence of specific motives, the ways in which they are mixed, and the market's reaction to their announcement. In addition, we contribute to the emerging literature that takes on behavioral perspective of market reactions by showing that the ‘why’ and ‘where’ of an acquisition matter.     

欠发达地区新创企业资源重组的动因及实现路径——基于动态能力视角

选取欠发达地区6家新创企业为研究对象，采用扎根理论分析方法，探讨新创企业资源网络重组的动因及其实现路径，并从感知相应、整合利用、重构转变三个维度，分析动态能力在企业资源重组过程中的作用机制。研究发现：创业初期建立的初始资源无法应对动态变化的市场环境，企业面临创业瓶颈。企业的动态能力感知到这一威胁，并通过组织裂变、政策响应、资源建构与拓展等方式整合、优化初始资源，最终实现资源结构的重组与资源路径的转变，形成二次资源，使企业获得持续竞争优势。研究有助于丰富资源约束与动态能力理论，并为创业企业就如何培养与利用动态能力破解资源约束难题提供一定的借鉴与启示。     

Interest rate pass-through in the Euro area during the financial crisis: A multivariate regime-switching approach

In this paper we use a Markov-switching vector autoregressive model to analyse the interest rate pass-through between interbank and retail bank rates in the Euro area. Empirical results, based on monthly data for the period 2003–2011, show that during periods of financial distress bank lending rates to both households and non-financial corporations show a reduction of their degree of pass-through from the money market rate. Significant sectoral heterogeneities characterise the transmission mechanism of monetary policy impulses, with rates on loans to non-financial firms being more affected by changes in the interbank rate than loans to households, both in times of high volatility and in normal market conditions.     

基本公共服务均等化的正义性探析——基于罗尔斯正义第二原则的视角

基本公共服务均等化是党和国家在发展的新阶段所做出的一个制度安排，其正义与否关系到制度实施的绩效。作为一种“社会基本善”，基本公共服务与罗尔斯的正义第二原则存在着内在的契合。基本公共服务体现了对社会最不利者的关照，在链式联系中，这种稍度安排又促进了社会其他成员福利的增加。落实这种符合正义性的制度，政府理应承担其职责，通过各种制度安排，保证基本公共服务均等化的实现。