Journal article
Target abnormal returns associated with acquisition announcements: Payment, acquisition form, and managerial resistance
Journal of financial economics, v 19(2), pp 329-349
01 Dec 1987
Abstract
Abnormal returns earned by target firms at the time of initial acquisition announcements are related to form of payment, degree of resistance, and type of offer. Results indicate that interdependence among these characteristics is important. Previous research suggests that tender-offer targets earn higher abnormal returns than merger targets. After controlling for payment method and degree of resistance, however, the difference in abnormal returns between tender offers and mergers is insignificant. Resisted offers are associated with insignificantly higher returns than unresisted offers. Abnormal returns associated with cash offers are significantly higher than those associated with stock offers.
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Details
- Title
- Target abnormal returns associated with acquisition announcements: Payment, acquisition form, and managerial resistance
- Creators
- Yen-Sheng Huang - National Taiwan Institute, Taipei, Taiwan, R.O.CRalph A. Walkling - The Ohio State University
- Publication Details
- Journal of financial economics, v 19(2), pp 329-349
- Publisher
- Elsevier
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:A1987M065600007
- Scopus ID
- 2-s2.0-0344412307
- Other Identifier
- 991021881391004721
InCites Highlights
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Business, Finance
- Economics