Do Technology Companies Managers Listen to the Market?

Student: Bobrov Viktor

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Year of Graduation: 2020

This research is aimed to investigate the influence of technology acquirer’s peculiarities on the managerial incentives to listen to the market. On a sample of 3554 U.S. M&A withdrawn and completed deals in 2003-2019 years, we confirmed that managers of non-technology acquirers tend to follow market opinion on the investment decisions more than the managers of technology acquirers. Moreover, we found the evidence on an insignificant relation between managerial listening and the public status of a target company, which, to the best of our knowledge, is the new result for the existing empirical findings. Additionally, we showed that the fact that the target and the acquirer belong to the same industry has no impact on the propensity of the acquirer’s manager to listen to the market.

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