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UID:20240517T020550EDT-47313Nr08s@132.216.177.157
DTSTAMP:20240517T060550Z
DESCRIPTION:Private merger negotiation responses to ongoing tax legislation
 \n\nAbstract:\n\nTarget valuation is the cornerstone of merger negotiation
 s and hinges on expectations of future after-tax cash flows. But how do bu
 yers and sellers adapt to expectation and incentive differences with respe
 ct to tax policies under development? Focusing on major corporate tax refo
 rm legislation in 2017 (i.e.\, TCJA) and using hand-collected data on priv
 ate merger negotiations\, we examine the contemporaneous impact of tax pol
 icy developments on those negotiations. For deals negotiated during tax le
 gislation\, the deal premium increases in the target’s expected gain from 
 tax reform. Bidders and targets meet soon after key legislation events\, e
 specially when the target’s expected gain from reform is high. The pre-ann
 ouncement bid revision following a legislative event in-creases in the tar
 get’s expected gains from reform and is greater for a bidder that faces a 
 higher cost of delaying negotiations. Taken together\, legislative develop
 ments appear relevant to the par-ties negotiating an acquisition.\n\n\nAbo
 ut the Speaker\n\nAlexander Edwards\, Professor\, Joseph L. Rotman School 
 of Management\, University of Toronto \n
DTSTART:20240419T143000Z
DTEND:20240419T160000Z
LOCATION:210\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001 rue 
 Sherbrooke Ouest
SUMMARY:Accounting Area Presents Ernst & Young Speaker Series
URL:https://www.mcgill.ca/channels/channels/event/accounting-area-presents-
 ernst-young-speaker-series-356593
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