M&amp;A performance commitments and insider trading: ‘Listen to their words’ or ‘watch their actions’?

Fan, Cunbin; Zou, Guohao; Wang, Jiawen

doi:10.1016/j.irfa.2023.103047

International Review of Financial Analysis

2024

DOI: 10.1016/j.irfa.2023.103047

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M&A performance commitments and insider trading: ‘Listen to their words’ or ‘watch their actions’?

Cunbin Fan,

Guohao Zou,

Jiawen Wang

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Cited by 2 publications

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Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism

Dahlen

2024

Manag Rev Q

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Defining the deal value in mergers and acquisitions is inherently complex and often constitutes an inflection point for the parties involved. By paying part of the deal value at a later stage according to predefined goals, earnouts are intended to alleviate information asymmetries and help bridge valuation differences. Despite their wide application in practice, research on earnouts remains fragmented. This study presents the first systematic literature review of earnouts, mapping the scattered research landscape by analyzing 64 papers published between 1970 and 2023. The review categorizes the body of earnout research into three distinct streams: the motives for employing earnouts, their implications, and the nuances of their contractual arrangements. Based on this synthesis, research gaps are identified that present a comprehensive road map for future research. This study enables investors to employ earnouts more successfully and guides scholars to pursue further earnout research based on its holistic overview.

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Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism

Dahlen

2024

Manag Rev Q

View full text Add to dashboard Cite

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Non-controlling shareholders’ network and the reliability of merger and acquisition performance commitments: Governance or collusion?

Fu,

Yang

2025

Finance Research Letters

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M&A performance commitments and insider trading: ‘Listen to their words’ or ‘watch their actions’?

Cited by 2 publications

References 30 publications

Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism

Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism

Non-controlling shareholders’ network and the reliability of merger and acquisition performance commitments: Governance or collusion?

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