From a theoretical perspective,the use of earnouts should mitigate valuation risk of the acquirer involved in mergers and acquisitions(M&A)transaction.Earnouts contracts should reduce information asymmetries and m...From a theoretical perspective,the use of earnouts should mitigate valuation risk of the acquirer involved in mergers and acquisitions(M&A)transaction.Earnouts contracts should reduce information asymmetries and moral hazard issues.By contrast,the definition of the terms of such contracts can be difficult and they provide several implementation issues to be faced.Based on these premises,this study aims to examine if the inclusion of earnouts is convenient and who benefits from their use.To this aim,I scrutinize academic literature examining the impact of earnouts.I perform a systematic review of studies in both accounting and financial domains that provide empirical evidence of main consequences due to the use of earnouts in M&A.Findings generally highlight a positive impact on the stock market performance of the acquirer in earnout-financed deals.Nevertheless,the positive reaction of acquirers’investors is influenced by specific features to be managed.Several issues are still uncovered and need further examination.展开更多
Background:PTB is an infectious disease,which not only seriously affects people's health,but also causes a heavier disease economic burden on patients.At present,reform of the medical insurance payment can be an e...Background:PTB is an infectious disease,which not only seriously affects people's health,but also causes a heavier disease economic burden on patients.At present,reform of the medical insurance payment can be an effective method to control medical expenses.Therefore,our study is to explore the compensation mechanism for pulmonary tuberculosis(PTB)patients with a full period of treatment,to alleviate the financial burden of PTB patients and provide a reference and basis for the reform of PTB payment methods in other regions and countries.展开更多
文摘From a theoretical perspective,the use of earnouts should mitigate valuation risk of the acquirer involved in mergers and acquisitions(M&A)transaction.Earnouts contracts should reduce information asymmetries and moral hazard issues.By contrast,the definition of the terms of such contracts can be difficult and they provide several implementation issues to be faced.Based on these premises,this study aims to examine if the inclusion of earnouts is convenient and who benefits from their use.To this aim,I scrutinize academic literature examining the impact of earnouts.I perform a systematic review of studies in both accounting and financial domains that provide empirical evidence of main consequences due to the use of earnouts in M&A.Findings generally highlight a positive impact on the stock market performance of the acquirer in earnout-financed deals.Nevertheless,the positive reaction of acquirers’investors is influenced by specific features to be managed.Several issues are still uncovered and need further examination.
文摘Background:PTB is an infectious disease,which not only seriously affects people's health,but also causes a heavier disease economic burden on patients.At present,reform of the medical insurance payment can be an effective method to control medical expenses.Therefore,our study is to explore the compensation mechanism for pulmonary tuberculosis(PTB)patients with a full period of treatment,to alleviate the financial burden of PTB patients and provide a reference and basis for the reform of PTB payment methods in other regions and countries.
