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| Author: | Song, M. H. Walkling, R. A. |
| Title: | Abnormal returns to rivals of acquisition targets: A test of the 'acquisition probability hypothesis' |
| Journal: | Journal of Financial Economics
2000 : FEB, VOL. 55:2, p. 143-171 |
| Index terms: | Companies Mergers Rate of return |
| Language: | eng |
| Abstract: | In this study, the Acquisition Probability Hypothesis is developed and tested. The hypothesis asserts that rivals of initial acquisition targets earn abnormal returns because of the increased probability that they will be targets themselves. On average, rival firms earn positive abnormal returns regardless of the form and outcome of acquisition. |
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