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Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders
Nguyen, Pascal - 2014
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …
Persistent link: https://www.econbiz.de/10013048623
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Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders
Nguyen, Pascal - 2014
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …
Persistent link: https://www.econbiz.de/10013048624
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Cross-Border Asset Sales : Shareholder Returns and Liquidity
Borisova, Ginka - 2013
We examine a sample of 1458 divestitures of domestic assets by U.S. firms to foreign and domestic buyers over the period 1998-2008. Cross-border asset sales yield higher abnormal returns to the seller than domestic sales. This incremental return is driven by liquidity-seeking sellers engaging in...
Persistent link: https://www.econbiz.de/10013077622
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Cross-Border Asset Sales : Shareholder Returns and Liquidity
Borisova, Ginka - 2013
We examine a sample of 1,458 divestitures of domestic assets by U.S. firms to foreign and domestic buyers over the period 1998-2008. Cross-border asset sales yield higher abnormal returns to the seller than domestic sales. This incremental return is driven by liquidity-constrained sellers...
Persistent link: https://www.econbiz.de/10013094994
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Takeover Vulnerability and the Behavior of Short-Term Stock Returns
Chae, Joon - 2013
This paper proposes and tests the hypothesis that takeover vulnerability contributes to short-term price reversal by … motivating investors to trade speculatively and also by making investors demand immediacy in their trades. That is, takeover … several different measures of takeover vulnerability, we find that takeover vulnerability is positively related to price …
Persistent link: https://www.econbiz.de/10013083343
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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Shareholder Rights and Bidder Returns : The Impact of Market Learning and M&A Activity
Ahn, Seoungpil - 2016
I examine whether market learning and M&A activity affect the association between shareholder rights and acquisition performance. Using a sample of acquisitions completed in the period of 1990-2006, I find that the negative association between governance indices and bidder returns disappears in...
Persistent link: https://www.econbiz.de/10012980117
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Cash Holdings and Bond Returns Around Takeovers
Podolski, Edward - 2016
paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements …
Persistent link: https://www.econbiz.de/10013006488
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Cash Holdings, Corporate Governance and Acquirer Returns
Ahn, Seoungpil - 2016
The wealth effect of limiting shareholder rights via anti-takeover provisions (ATPs) is a contentious issue. By taking …
Persistent link: https://www.econbiz.de/10013008214
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...
Persistent link: https://www.econbiz.de/10012852376