Shareholders of target firms realize significantly higher returns after termination of cash offers than stock offers due to the private information the offer medium signals concerning the target firm's stand-alone value of synergy potential.

In the past decade, institutional investors have become more active in monitoring management and voting the shares they control. The California Public Employees' Retirement System (CalPERS) was a leader in this wave of activism. This study investigates the long-term returns an investor with...

Prior studies have had limited success explaining the negative market reaction to common stock announcements using firm and offer specific variables. We employ a piecewise linear model to test the relationship between announcement returns and firm and offer specific variables by specific offer...

In this study, we examine the relation between the medium of exchange (cash or stock) and valuation effects associated with terminated merger proposals. We find significantly higher returns for target shareholders after termination of cash offers than after termination of stock offers. This...

Purpose: This study aims to examine institutional ownership of companies that go public with dual-class share structures. Design/methodology/approach: Several recent studies have discussed the potential advantages and disadvantages of the dual-class structure, which allows founders and insiders...

The Wall Street Journal (WSJ) annually publishes a list of the fifty “best” private companies that are funded by venture capitalists. Given the important role venture capitalists play in fostering the growth and development of relatively young firms, it is important to examine the returns to...