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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and …. This paper analyzes the impact of index fund and ETF ownership on the success of takeover offers in Germany. Based on a … sample of 323 takeover offers of publicly listed German companies between 2006 and 2018, we document a significant negative …
Persistent link: https://www.econbiz.de/10012864050
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Foreign acquisition and credit risk : evidence from the U.S. CDS market
Yilmaz, Umit - 2016 - This draft: May 31, 2016
This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...
Persistent link: https://www.econbiz.de/10011519062
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Merger options and risk arbitrage
Van Tassel, Peter - 2016
Option prices embed predictive content for the outcomes of pending mergers and acquisitions. This is particularly important in merger arbitrage, where deal failure is a key risk. In this paper, I propose a dynamic asset pricing model that exploits the joint information in target stock and option...
Persistent link: https://www.econbiz.de/10011413251
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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A Reexamination of Corporate Governance and Equity Prices
Johnson, Shane A. - 2011
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under...
Persistent link: https://www.econbiz.de/10013134103
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A Reexamination of Corporate Governance and Equity Prices with Updated and Supplemental Results
Johnson, Shane A. - 2011
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well specified tests under...
Persistent link: https://www.econbiz.de/10013134363
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On the Effect of Merger Waves on Long-Term Aggregate Stock Market Valuation
Saidiev, Ulugbek - 2012
In this study, we investigate the effect of merger waves on the long-term valuation of aggregate stock market. Our empirical test shows significant positive relationship between the intensity of past, with four years lag, aggregate merger activity and the valuation of aggregate stock market
Persistent link: https://www.econbiz.de/10013101602
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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing
Persistent link: https://www.econbiz.de/10013065679
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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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Probability Weighting and Asset Prices : Evidence from Mergers and Acquisitions
Wang, Baolian - 2017
For mergers and acquisitions with a small failure probability, the average decline in target stock price if the deal fails is much larger than the average increase that accompanies deal success. Probability weighting implies that the deal failure probability of such target stocks will be...
Persistent link: https://www.econbiz.de/10012973524