This paper examines how the distribution of target ownership is related with takeover premium in owner-manager dominant acquisitions, in which a firm is managed by managers and directors nominated and directed closely by controlling shareholders. We find that there exists the agency problem...

This paper further develops the stock return method proposed by Cho and McKelvey (1996). It is claimed that the method may detect industry substructure in an objective and effective way. Although they are statistically significantly different while avoiding any artifactual statistical results...