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  • Estudiants del màster

Do you know the research in Economics by professors of the Universitat de València?

Professors José Emilio Farinós and Begoña Herrero from the department of Business Finances along with the professors Miguel A. Latorre from the Catholic University of Valencia have completed a research about company acquisition “The decision to acquire listed vs. unlisted firms: Determinants and value effects in the Spanish stock market”.

24 may 2017

The research has been published this year in number 73 (pp. 55-94) of the prestigious Revista de Economía Aplicada.  This is the abstract:

"We examine the determinants of the decision to acquire a listed vs. an unlisted firm and extend the previous evidence of value creation after controlling for endogeneity due to self-selection bias. We also control for market valuation conditions, finding that results are conditional to them. On the one hand, our results show that investors see unlisted firm acquisitions as a value creation transaction in a bull market period, whereas we find value destruction in the acquisition of listed firms. During the bear market period we do not find value creation in any case. On the other hand, our results suggest that managerial opportunism is a determinant in the acquisition of listed firms, either in bull or bear market periods. However, under information asymmetry, acquirers change their preferences depending on the market conditions."


The results of this research reveal that the directive opportunism is a determinant when it comes to acquiring listed companies of bull and bear markets

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