haku: @author Zhang, L. / yhteensä: 12
viite: 5 / 12
| Tekijä: | Massa, M. Zhang, L. |
| Otsikko: | Cosmetic mergers: The effect of style investing on the market for corporate control |
| Lehti: | Journal of Financial Economics
2009 : SEP, VOL 93:3, p. 400-427 |
| Asiasana: | mergers styles investments funds |
| Kieli: | eng |
| Tiivistelmä: | The article discusses the subject of "style investing", and its effect on corporate control. The authors claim that when a firm merges with a firm that belongs to a popular investment style, the bidder's value increases, and this belief affects the bidder's choice. The authors examine data on the flows in mutual funds and construct a measure of popularity. It is shown that the merger with a popular target results in increased value of the bidder. However, the target's weak bargaining power reduces its ability to appropriate gains. Less popular firms' short- and medium-term performance seems to take over the popular firms. |
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