search query: @author Wruck, K. H. / total: 6
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| Author: | Wruck, K. H. |
| Title: | Equity ownership concentration and firm value. Evidence from private equity financings. |
| Journal: | Journal of Financial Economics
1989 : JUN, VOL. 23:1, p. 3-28 |
| Index terms: | SHARE OWNERSHIP VALUATION RETURN ON INVESTMENT |
| Language: | eng |
| Abstract: | In contrast to the negative average returns accompanying the announcement of a public offering of securities, the announcement of a private equity sale is accompanied by a 4,5 p.c. average return. Cross-sectional analysis indicates that the change in firm value following this announcement is strongly correlated with the resulting change in ownership concentration and the purchaser's current or anticipated future relationship with the firm. Conclusions are presented and directions for future research are also suggested. |
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