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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.
SCIMA tietueen numero: 271985
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