Media Sentiment,Asset Mispricing and M & A Performance
Based on the samples of mergers and acquisitions of A-share listed companies from 2014 to 2020,this paper measures the media sentiment for acquiring companies by using the text analysis method in the field of natural language processing,and empirically tests the effects of media sentiment on the M&A performance of listed companies.It is found that media sentiment significantly improves the M&A performance of acquiring compa-nies the more optimistic the media sentiment formed by financial media reports before M&A,the better the M&A performances of the acquiring companies are.And through the mediating effect model test,it is found that asset mispricing has a masking effect on the action path whereby media sentiment drives the M&A performance of acquiring companies,which reduces the main effect of media sentiment on M&A performance for acquiring compa-nies.After further decomposing the asset mispricing,it is found that asset mispricing at the company level instead of the industry level is the main reason for the masking effect.Therefore,in the process of mergers and acquisi-tions,all stakeholders should pay attention to the role of financial media in merger value creation.
media sentimentmispricing assetsmerger and acquisition performancemasking effect
万方数据
维普
