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| Author: | Hsieh, J. Walkling, R.A. |
| Title: | Determinants and implications of arbitrage holding in acquisitions |
| Journal: | Journal of Financial Economics
2005 : SEP, VOL. 77:3, p. 605-648 |
| Index terms: | arbitrage company control mergers |
| Language: | eng |
| Abstract: | Evidence of passive and active roles for arbitrageurs is found in the acquisition process. A simultaneous-equation framework is used to recognize endogeneity, and 608 acquisition bids are analyzed over the years 1992-1999. The findings show that the change in arbitrage holdings is greater in successful offers. However, changes in arbitrage holdings are also related to the probability of success, bid premia and arbitrage returns. |
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