Evaluating the SDC Mergers and Acquisitions Database

Barnes, Beau Grant; Harp, Nancy L.; Oler, Derek

doi:10.2139/ssrn.2201743

Cited by 23 publications

(19 citation statements)

References 20 publications

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“…SDC captures their list of acquisitions by using over 200 news sources, SEC filings, trade publications, wires, and proprietary sources of investment banks, law firms, and other advisors (Churchwell, 2016). Barnes, Harp, and Oler (2014) compare the quality of the SDC data to acquisitions by public firms and find a 95% accuracy; Netter, Stegemoller, and Wintoki (2011) perform a similar review. While we know this data not to be perfect, we believe it to have relatively good coverage of 'high value' acquisitions.…”

Section: Growthmentioning

confidence: 91%

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The State of American Entrepreneurship: New Estimates of the Quality and Quantity of Entrepreneurship for 32 US States, 1988-2014

Guzmán¹,

Stern²

2016

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provided excellent research assistance. Finally, we acknowledge and thank the Jean Hammond (1986) and Michael Krasner (1974) Entrepreneurship Fund and the Edward B. Roberts (1957) Entrepreneurship Fund at MIT, and the Kauffman Foundation for financial support. All errors and omissions are of course our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w22095.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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Section: Growthmentioning

confidence: 91%

“…proprietary sources of investment banks, law firms, and other advisors (Churchwell, 2016). Barnes, Harp, and Oler (2014) compare the quality of the SDC data to acquisitions by public firms and find a 95% accuracy , also perform a similar review).…”

Section: Using Business Registration Records To Find Signals Of Qmentioning

confidence: 92%

The State of American Entrepreneurship: New Estimates of the Quality and Quantity of Entrepreneurship for 32 US States, 1988-2014

Guzmán¹,

Stern²

2016

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“…We included takeover offers announced from 1995 to 2011 recorded in Thomson Reuters SDC. The database provides the most reliable and accurate information on takeovers (Bollaert and Delanghe, 2015) with good coverage since the late 8's (Barnes, Harp, and Oler, 2014). 7 Bids in the sample are subject to the following criteria.…”

Section: A Sample Designmentioning

confidence: 99%

Sold Below Value? Why Takeover Offers Can Have Negative Premiums

Weitzel

Kling

2017

Financial Management

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Many studies have acknowledged the existence of negative offer premiums where the initial bid undercuts the target's preannouncement market price. However, this phenomenon has not been explained. Negative premiums occur frequently and are no measurement error. We demonstrate theoretically and empirically that “hidden earnouts,” where target shareholders participate in the bidder's share of joint synergies, and corrections of overvaluation explain negative premiums. We find that target shareholders profit from the consummation of a takeover even if the announced offer has a negative premium. Our theory generalizes to low positive premiums with predictive power for the bottom 25% of all premiums.

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“…While the coverage of IPOs is likely to be nearly comprehensive, the SDC data set excludes some acquisitions. However, though the coverage of signifi cant acquisitions is not universal in the SDC data set, previous studies have "audited" the SDC data to estimate its reliability, fi nding a nearly 95 percent accuracy (Barnes, Harp, and Oler 2014).…”

Section: Datamentioning

confidence: 99%