Barclay, Michael J; Holderness, Clifford G - In: Journal of Finance 46 (1991) 3, pp. 861-78
The authors identify negotiated trades of large-percentage blocks of stock as corporate control transactions. When a block trades and the firm is not fully acquired, cumulative abnormal returns average 5.6 percent and 33 percent of the chief executives are replaced within a year. Stock-price...