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| Tekijä: | Harford, J. Jenter, D. Li, K. |
| Otsikko: | Institutional cross-holdings and their effect on acquisition decisions |
| Lehti: | Journal of Financial Economics
2011 : JAN, VOL. 99:1, p. 27-39 |
| Asiasana: | USA institutional investors shareholders mergers |
| Vapaa asiasana: | acquisitions cross-holdings |
| Kieli: | eng |
| Tiivistelmä: | Once a shareholder of one firm holds shares in other firms as well, cross-holdings (henceforth as: cr-hlds.) are created etc. According to prior evidence, cr-hlds. are suggested to explain the puzzle of shareholders (here as: s-hlds.) allowing acquisitions to reduce the value of the bidder. Based on a s-hlds.-level analysis of cr-hlds., this paper finds that cr-hlds. are too small to matter in most acquisitions and that bidders don't bid more aggressively even in the few cases of large cr-hlds. It is concluded that cr-hlds. do not explain value-reducing acquisitions. |
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