search query: @author Kohers, N. / total: 4
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| Author: | Kohers, N. Zhang, Q. |
| Title: | Drift independent volatility estimation based on high, low open and close prices |
| Journal: | Journal of Business
2000 : JUL, VOL. 73:3, p. 445-476 |
| Index terms: | EARNINGS MERGERS SHAREHOLDERS |
| Language: | eng |
| Abstract: | The authors examine a large sample of mergers involving earnout payments made by bidders to target shareholders. Their findings suggest that earnouts serve two not mutually exclusive functions: as risk reduction mechanisms against misvaluation or high asymmetric information targets, and as retention bonuses for target human capital in mergers with feasible contract implementation. Around the merger announcement, bidder shareholders show significant positive responses, which are not reversed over the subsequent 3 years. |
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