| Autor: |
Jeff Madura, Carolyn Spencer, Aigbe Akhigbe |
| Rok vydání: |
1998 |
| Předmět: |
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| Zdroj: |
Journal of Banking & Finance. 22:425-445 |
| ISSN: |
0378-4266 |
| DOI: |
10.1016/s0378-4266(98)00021-1 |
| Popis: |
Numerous studies have shown that the valuation effects of corporate policies are conditioned on corporate control. A partial acquisition serves as a unique form of corporate control that has not been thoroughly researched as a control mechanism. When firms are partially acquired, the impact of their subsequent corporate policies may be affected by the degree of control imposed by the partial acquirer. Our primary objective is to test this hypothesis by (1) measuring valuation effects of the partial target and partial acquirer in response to policies enacted by the partially acquired firm (after becoming a partial target), and (2) conducting a comprehensive cross-sectional analysis for each policy which incorporate proxies for the degree of control by the partial acquirer. We find that partial targets and partial acquirers experience significant valuation effects in response to some policies enacted by the target. We also find that the valuation effects on a partial target in response to its subsequent policies are commonly conditioned by the degree of the partial acquirer's control. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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