We investigate the association between disclosures about key value drivers (i.e., growth, synergies, human capital, brands, customers, and technology) in press releases announcing mergers and acquisitions (M&A) deals and acquirer stock returns upon the announcement. We find that, after controlling for the main characteristics of the deal, acquirers that use more terms about these value drivers in press releases exhibit more negative market returns around the M&A announcement. An increase of 10% in the number of terms used about generic value drivers is associated with a decrease in announcement market-adjusted returns of approximately 43 basis points. The negative association between terms about value drivers and acquirer stock returns is stronger for larger deals. We also find that disclosures about these value drivers in M&A announcement press releases are consistent with the subsequent subjective valuation of intangible assets recognized in acquirers’ financial statements through the purchase price allocation. Our findings are relevant for investors attempting to interpret early signals about the performance of M&A and for managers communicating about these strategic investment decisions.

中文翻译：

---

在并购公告新闻稿中披露关键价值驱动因素：一项探索性研究

我们调查了在宣布并购 (M&A) 交易的新闻稿中披露关键价值驱动因素（即增长、协同效应、人力资本、品牌、客户和技术）与收购方股票回报之间的关联。我们发现，在控制了交易的主要特征后，在新闻稿中使用更多关于这些价值驱动因素的术语的收购方在并购公告前后表现出更多的负面市场回报。关于通用价值驱动因素的术语数量增加 10% 与公告市场调整后的回报减少约 43 个基点有关。对于较大的交易，价值驱动因素与收购方股票回报之间的负相关关系更强。我们还发现并购中有关这些价值驱动因素的披露 公告新闻稿与后续通过购买价格分配在收购方财务报表中确认的无形资产的主观估值一致。我们的研究结果对于试图解读并购绩效的早期信号的投资者以及就这些战略投资决策进行沟通的管理人员而言是相关的。