Institutional trading around M&A announcements

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2024-09-04 DOI:10.1111/fima.12469

Eliezer M. Fich, Viktoriya Lantushenko, Clemens Sialm

引用次数: 0

Abstract

We contrast the investment strategies of hedge funds and mutual funds around mergers and acquisitions (M&A). We find that hedge funds, on average, increase their holdings of soon-to-be takeover targets by 7.5% during the quarter before M&A announcements. Conversely, mutual funds, on average, reduce their equity holdings in impending targets by 3.0% over the same time period. The reduction in M&A holdings by mutual funds is less pronounced for more actively managed funds. Our results suggest that hedge funds enjoy superior access to private information or possess superior ability to process public information related to M&A transactions.

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围绕并购公告的机构交易

我们对比了对冲基金和共同基金围绕并购（M&A）的投资策略。我们发现，在并购公告发布前的一个季度，对冲基金平均增持即将被收购目标公司的股票 7.5%。相反，共同基金在同一时期平均减持即将被收购目标的股票 3.0%。对于管理更积极的基金来说，共同基金减持 M&A 的情况并不明显。我们的研究结果表明，对冲基金可以获得更多的私人信息，或拥有更强的处理与 M&A 交易相关的公共信息的能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.