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| Author: | Franks, J. Harris, R. Titman, S. |
| Title: | The postmerger share-price performance of acquiring firms. |
| Journal: | Journal of Financial Economics
1991 : MAR, VOL. 29:1, p. 81-96 |
| Index terms: | MERGERS SHARE PRICES USA |
| Language: | eng |
| Abstract: | Share-price performance following corporate takeovers is investigated. Multi-factor benchmarks are used from the portfolio evaluation literature that overcome some of the known mean-variance inefficiencies of more traditional single-factor benchmarks. Studying 399 USA takeovers consummated in the 1975-84 period, it concludes that previous findings of poor performance after takeover are likely due to benchmark errors rather than mispricing at the time of the takeover. |
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