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| Author: | Croci, E. |
| Title: | Corporate raiders, performance and governance in Europe |
| Journal: | European Financial Management
2007 : NOV, VOL. 13:5, p. 949-978 |
| Index terms: | corporate governance control event studies Europe |
| Language: | eng |
| Abstract: | This study analyzes over 130 block purchases made by corporate raiders in Europe from 1990 to 2001. There is a positive market reaction to the first public announcement of these purchases. In the long-run, raiders earn an abnormal profit when selling their stakes. When they still held their positions at the end of the sample period, abnormal returns were insignificant. Raiders' activities don't improve operating performance. The findings are consistent with superiour stock picking ability among the investors, but don't support the hypothesis of raiders being governance champions. |
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