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| Tekijä: | Barnes, P. |
| Otsikko: | Predicting UK takeover targets: some methodological issues and an empirical study |
| Lehti: | Review of Quantitative Finance and Accounting
1999 : MAY, VOL. 12:3, p. 283-302 |
| Asiasana: | FINANCE ACCOUNTING MERGERS |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the methodological issues of using accounting ratios to predict takeover targets. Certain improvements are suggested, notably the use of industry-relative ratios and the determination of an ex ante cut off point which maximized returns. The empirical study suggests that industry-relative ratios are not an improvement upon industry-specific models and that, although models perform better than chance, they do not perform significantly well as to earn excess returns. |
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