search query: @author Michel, A. / total: 15
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| Author: | Shaked, I. Michel, A. McClain, D. |
| Title: | The foreign acquirer Bonanza, myth or reality? |
| Journal: | Journal of Business Finance and Accounting
1991 : APR, VOL. 18:3, p. 431-447 |
| Index terms: | SHAREHOLDERS USA COMPANIES RATE OF RETURN MERGERS FOREIGN INVESTMENT |
| Language: | eng |
| Abstract: | The abnormal returns accumulated by shareholders of American firms acquired by foreign entities are compared with those observed in "pure" domestic takeovers. The data conclusively show that shareholders receive higher returns as a result of foreign acquirer mergers (FAMs). In the seven-day period surrounding the announcement date (that is the event day +- 3 days) the average prediction errors of foreign acquisitions are significantly higher than those of the domestic acquisitions. In addition, a more detailed analysis reveals significant differences between foreign and domestic acquisitions by industry. |
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