How Does Takeover Competition Affect the Stock Performance of Targets and Acquirers? Evidence from the European Union

IF 7.6 1区 经济学 Q1 ECONOMICS
Tobi Kellner, Dominik Maltritz
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引用次数: 0

Abstract

Abstract We examine the impact of M&A announcements on stock prices of targets and acquirers in the European Union from 2002 to 2021. In line with the literature, we find strong positive returns for the target firms’ stocks, whereas returns are low or insignificant for the acquirers. We contribute to the literature by focusing on the effect of takeover competition and distinguishing between the returns of first and later bids. Accordingly, we confirm strong relationships between subsequent offers and target firms’ stock returns. These returns increase if a second order is made and if the premium related to the second offer is higher.
收购竞争如何影响目标公司和收购方的股票表现?来自欧盟的证据
摘要本文研究了2002年至2021年欧盟并购公告对目标公司和收购方股价的影响。与文献一致,我们发现目标公司的股票有很强的正回报,而收购方的回报很低或微不足道。我们通过关注收购竞争的影响和区分第一次和后来的出价的回报来贡献文献。因此,我们确认后续报价与目标公司股票回报之间存在密切关系。如果第二笔订单和与第二笔报价相关的溢价更高,这些回报就会增加。
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
CiteScore
8.50
自引率
0.00%
发文量
175
期刊介绍: The Review of Economics and Statistics is a 100-year-old general journal of applied (especially quantitative) economics. Edited at the Harvard Kennedy School, the Review has published some of the most important articles in empirical economics.
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