Borisova, Ginka; Cowan, Arnold R. - In: Journal of Corporate Finance 29 (2014) C, pp. 351-368
We analyze acquirer wealth effects using a comprehensive sample of government asset sale announcements in 123 countries around the world in 1984–2009. Overall, we find positive abnormal returns to acquirers of state-owned assets. Returns are greater when the acquirer is domestic, when the sale...