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Revaluations of industry peers around horizontal acquisitions are negative when targets are private, but positive when … predictable revaluations. Supporting this idea, the “revaluation spread” is larger when peers' valuations deviate more from … fundamentals, varies with overall market misvaluation, predicts future industry returns, and is unrelated to peers' and industries …
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We examine the impact of target management involvement as bidders in a sample of completed going-private buyouts. Announcement period and long run target shareholder returns do not appear to be lower in management involved deals. We attempt to identify disciplining mechanisms in the takeover...
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This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
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