haku: @author Cheng, L. T. W. / yhteensä: 2
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| Tekijä: | Cheng, L. T. W. Davidson III, W. N. |
| Otsikko: | Reinterpretation of the shareholder gains in selloff transactions. |
| Lehti: | Journal of Business Finance and Accounting
1993 : JUN, VOL. 20:4, p. 599-611 |
| Asiasana: | DISTRIBUTION OF WEALTH SHAREHOLDERS MERGERS INDUSTRIAL SELLING |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the overall wealth effects of selloffs. When sellers and buyers are examined separately, abnormal returns are found around the announcement days. However, a combination of matched-pair buyers and sellers in value- weighted portfolios wipes out these gains. In a sample of 182 selloff portfolios, 93 of them experience positive returns while the remaining 89 cases face negative price reactions. These results cast doubt on the conclusion that selloff activity is generally synergistic. In addition, a large size difference is found between buyers and sellers. Large buyers win more often than small buyers. Small sellers win more than large sellers. |
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