haku: @author Franks, J. R. / yhteensä: 8
viite: 2 / 8
| Tekijä: | Franks, J. R. Harris, R. S. |
| Otsikko: | Shareholder wealth effects of corporate takeovers. The U.K. experience 1955-1985. |
| Lehti: | Journal of Financial Economics
1989 : AUG, VOL. 23:2, p. 225-249 |
| Asiasana: | SHAREHOLDERS MERGERS SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | The effect of over 1800 U.K. takeovers on shareholder wealth are examined. It is shown that around the merger announcement date targets gain 25 to 30 percent and bidders earn zero or modest gains. The U.K. data allow independent tests of many issues addressed in studies of USA takeovers. Target gains are higher in the U.K. after 1968, suggesting that increases in USA target gains at the same time may not be attributable to the Williams Act. Postmerger share-price performance suggests that acquisitions follow favourable developments in bidders' equity prices. |
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