We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996–2001. Acquirers of listed targets earn an insignificant average abnormal return of –0.38%, while acquirers of unlisted targets earn a...

We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996-2001. Acquirers of listed targets earn an insignificant average abnormal return of -0.38%, while acquirers of unlisted targets earn a significant...

We examine announcement period excess returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996 through 2001. Acquirers of listed targets earn an insignificant average excess return of -0.38%, while acquirers of unlisted targets earn a...

We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996-2001. Acquirers of listed targets earn an insignificant average abnormal return of -0.38%, while acquirers of unlisted targets earn a significant...

An important and growing literature in finance points to existence of considerable benefits to being a controlling shareholder. At the same time, the well-established literature on mergers finds these key corporate events to be subject to agency costs. Relying on these two arguments, we employ a...

An important and growing literature in finance points to existence of considerable benefits to being a controlling shareholder, especially when legal protection of minority shareholders is weak, and when separation of ownership from control is high. At the same time, the substantial and well...

An important and growing literature in finance points to existence of considerable benefits to being a controlling shareholder. At the same time, the well established literature on mergers finds these key corporate events to be subject to agency costs. Relying on these two arguments, we employ a...