Search results for "Market valuation"
showing 3 items of 3 documents
Market valuation and acquiring firm performance in the short and long term: Out-of-sample evidence from Spain
2019
We investigate bidder’s short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in high valuation periods, meanwhile the underreaction of listed target bidders at the moment of the announcement in low valuation markets is the result of return continuations. In addition, we find that the market reaction do not depend on recent merger history. Therefore, we provide evidence that bidder reaction to acquisitions is not consistent with the predictions of market sentiment (optimism) after c…
The recreational value of botanic garden events: A case study of the Zagara plant fair in Palermo, Italy
2022
Botanic gardens are defined by their mission to maintain living plant collections for scientific research, conservation, display and education. This mission represents the potential ecosystem services that botanic gardens aim to produce, with display and education specifically regarding recreational ecosystem services (RES). Visitors must directly experience botanic gardens to transform these potential RES into real benefits, yet the public may not be interested in studying plants during their leisure time. Thus, botanic gardens turn to events to attract visitors. The objective of this study is to estimate the RES benefits created by a botanic garden event and profile the visitors that it b…