haku: @author Briston, R. J. / yhteensä: 7
viite: 2 / 7
| Tekijä: | Briston, R. J. |
| Otsikko: | Management buyout announcements and securities returns: a UK study 1984-1989. |
| Lehti: | Journal of Business Finance and Accounting
1992 : JUN, VOL. 19:4, p. 641-655 |
| Asiasana: | SHAREHOLDERS SECURITIES PRICES UNITED KINGDOM MERGERS |
| Kieli: | eng |
| Tiivistelmä: | The primary objective of this paper is to examine the benefits of wealth effects which accrue to the shareholders of the divesting company in a management buyout in the context of the UK over the period 1984-1989. Authors found that MBO announcements usually occur after a period of positive abnormal returns, but that the divesting company's shareholders experience negative excess returns following the announcement; this finding contradicts the Hite and Vetsuypens (1989) study. They also found that there is a negative relationship between the size of the divested unit and the excess returns experienced by the existing shareholders, and that, on average, the mean returns of individual securities and their respective variances do not change significantly before or after the event period. |
SCIMA