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Constructing perceptions of value: C...

King, Brayden G.

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Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002./
Author:	King, Brayden G.
Description:	242 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-05, Section: A, page: 1979.
Contained By:	Dissertation Abstracts International66-05A.
Subject:	Sociology, Industrial and Labor Relations. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3176274
ISBN:	0542169223

Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002.
King, Brayden G.

Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002. - 242 p.

Source: Dissertation Abstracts International, Volume: 66-05, Section: A, page: 1979.

Thesis (Ph.D.)--The University of Arizona, 2005.

The origin of market value has not been sufficiently explored in the social sciences. While there is a tendency among economists and sociologists to see value as imported to the market from external sources (e.g. culture, internal preferences), I argue that shifts in market value are often endogenous to the market setting. Perceptions of value, or collective beliefs that specific sets of assets will yield benefits for the owner, are most malleable when markets are unstable. Instability is caused by intense competition and rapid technological change, both of which upset firms' abilities to make consistent profits and retain their market position. Instability amplifies general uncertainty about the best ways to create value.

ISBN: 0542169223Subjects--Topical Terms:

1017858
Sociology, Industrial and Labor Relations.

Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002.
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100 1 $a King, Brayden G. $3 1557491
245 1 0 $a Constructing perceptions of value: Corporate acquisitions in the communications industries, 1997--2002.
300 $a 242 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-05, Section: A, page: 1979.
500 $a Adviser: Joseph Galaskiewicz.
502 $a Thesis (Ph.D.)--The University of Arizona, 2005.
520 $a The origin of market value has not been sufficiently explored in the social sciences. While there is a tendency among economists and sociologists to see value as imported to the market from external sources (e.g. culture, internal preferences), I argue that shifts in market value are often endogenous to the market setting. Perceptions of value, or collective beliefs that specific sets of assets will yield benefits for the owner, are most malleable when markets are unstable. Instability is caused by intense competition and rapid technological change, both of which upset firms' abilities to make consistent profits and retain their market position. Instability amplifies general uncertainty about the best ways to create value.
520 $a Perceptions of value emerge in unstable markets as firms monitor and mimic their peers, who act as information proxies about the future value of assets. I look at acquisitions within the communications industries from 1997 to 2002 to assess this claim. I expect that firms acquire target assets in the same segments as their closest competitors and market leaders. Unstable market conditions amplify the extent to which firms use their peers to guide their acquisition choices. The collective flow of acquisitions caused by this mimicry creates perceptions of value that become reflected in concrete, standard measures of market value. Investors and other third-party observers use peer behavior as an interpretive frame for estimating value creation. They assume the collective acquisitions are social proof that value is being created and this is reflected in their investment behavior, which in turn drives up the stock prices of acquiring firms.
520 $a Regression findings support these propositions; although there is weak evidence that market value gains from peer mimicry are long-term. Instead, I find that using peers to frame acquisition value tends to lead to initial overvaluation, which is subsequently corrected through a long-term value discount. I suggest that unstable market conditions tend to lead to speculative behavior and inefficient market pricing.
590 $a School code: 0009.
650 4 $a Sociology, Industrial and Labor Relations. $3 1017858
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Finance. $3 626650
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710 2 0 $a The University of Arizona. $3 1017508
773 0 $t Dissertation Abstracts International $g 66-05A.
790 1 0 $a Galaskiewicz, Joseph, $e advisor
790 $a 0009
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3176274