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| Author: | Mat-Nor, F. |
| Title: | The effect of acquisition announcement on the security prices of bidding and target firms: the Malasian experience |
| Journal: | IBAR: Journal of Irish Business and Administrative Research
1993 : VOL. 14:2, p. 114-126 |
| Index terms: | MERGERS MALAYSIA PRICES |
| Language: | eng |
| Abstract: | There is a consensus among the various studies that target firms earn abnormal positive returns during the announcement period of a takeover bid. But whether the successful takeover increases or decreases the value of bidder common stock is not clear. Jensen and Ruback's (1983) study of the US takeovers and mergers prior to 1980, conclude that the target firm's shareholders benefit, and that the bidding firm's shareholders do not lose. Even Jarrell, Brickley and Netter who provide a comprehensive review of the empirical evidence regarding takeovers since 1980, note that the target firms benefit, while there is a statistically insignificant loss for the bidder's shareholders. |
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