Shahrur, Husayn; Venkateswaran, Anand - In: Journal of Financial Research 32 (2009) 1, pp. 23-51
We use a sample of 816 diversifying takeovers from 1978 to 2003 to examine whether takeover announcements release negative information about the future prospects of the acquirer's main industry. We find that rivals that are most similar to the acquirer (homogeneous rivals) experience significant...