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Valuing the process of corporate restructuring

Boone, Audra L.; Mulherin, John Harold - 2001

We study the process of corporate restructuring for a sample of 298 firms during the 1989-98 period that announce that they are considering restructuring alternatives. We find that restructuring is a lengthy process, with the majority of the restructuring period occurring prior to any definitive...

Persistent link: https://www.econbiz.de/10011569361

The impact of a takeover bid on the capital market efficiency

Knezovic, Anita; Culjak, Maria - In: UTMS journal of economics / University of Tourism and … 9 (2018) 2, pp. 109-120

The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …

Persistent link: https://www.econbiz.de/10012178422

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

Limits to Arbitrage and Shareholder Gains in Corporate Acquisitions

Buti, Krisztina - 2019

The literature on corporate acquisitions reports a persistent empirical regularity: acquisition announcements by small bidders create greater shareholder value than those by large bidders. This paper presents evidence that greater shareholder gains to small bidders' announcements reflect...

Persistent link: https://www.econbiz.de/10012903980

The Measurement of the Market's Reaction to Merger Announcements

Muslumov, Alovsat - 2012

This paper measures the capital markets’ reaction to merger announcements within the announcement month using the sample of 37 mergers from USA. Research findings indicate that targets earn positive average abnormal returns of 19 percent that is statistically significant, whereas acquirers...

Persistent link: https://www.econbiz.de/10014168243

Merger Announcements and Market Efficiency : Do Markets Predict Synergetic Gains from Mergers Properly?

Muslumov, Alovsat - 2012

This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, the post-merger performance measures were regressed by abnormal returns...

Persistent link: https://www.econbiz.de/10013104297