haku: @author Antoniou, A. / yhteensä: 10
viite: 3 / 10
| Tekijä: | Alexandridis, G. Antoniou, A. Zhao, H. |
| Otsikko: | Valuation effects of short sale constraints: the case of corporate takeovers |
| Lehti: | European Financial Management
2006 : NOV, VOL. 12:5, p. 747-762 |
| Asiasana: | financial management performance appraisal valuation companies United Kingdom mergers |
| Vapaa asiasana: | acquisitions institutional ownership ownership |
| Kieli: | eng |
| Tiivistelmä: | This study examines the relation btw. the degree of short sale constraints (here as: d-of-s-s-cs.) for acquiring firms' (as: acq-fs.) equity and post-takeover stock performance. Among others, it is found that negative long-run abnormal returns appear to decline in economic and statistical terms as the extent and persistence of institutional block-holder ownership increase, after accounting for the size, book-to-market and method of payment effects. This evidence implies that the d-of-s-s-cs. serves as an important determinant of acq-fs.' short-run overpricing. |
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