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| Author: | Hatch, B. C. Johnson, S. A. |
| Title: | The impact of specialist firm acquisitions on market quality |
| Journal: | Journal of Financial Economics
2002 : OCT, VOL. 66:1, p. 139-167 |
| Index terms: | Mergers Market conditions |
| Language: | eng |
| Abstract: | Acquisitions among New York Stock Exchange specialist firms can increase specialist firm size, capitalization, and market concentration, and thereby affect the market quality of the stock they trade. The authors find that while traded stock show significant improvement in several market quality measures fowwling acquisitions, similar changes are evident in matched control stocks not involved in acquisitions. The authors conclude that specialist firm acquisitions either do not improve market quality, or improve market quality, but competitive and other pressures force improvements in marketquality for control stocks also. Either interpretations implies that specialist acquisitions have not had deleterious effects on market quality. |
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