Do trade sale privatizations in Europe create value to shareholders of acquiring firms?

Autor:	Dirk Schiereck, F. Zeidler
Rok vydání:	2007
Předmět:	Trade sale Commerce Shareholder Value (economics) Business General Business Management and Accounting
Zdroj:	Corporate Ownership and Control. 4:262-274
ISSN:	1810-3057 1727-9232
DOI:	10.22495/cocv4i4c2p2
Popis:	Many authors have identified zero to negative announcement returns for acquirers in traditional mergers and acquisitions. When purchasing state-owned enterprises as compared to public assets the acquirer faces one particular difference: the distinct characteristics of the seller. The selling government is assumed to lack bargaining power and experience selling off its assets and also often to consider non-economic objectives when privatizing. Furthermore it has a tendency to privilege domestic acquirers. By conducting standard event study methodology and analyzing 90 European trade-sale privatizations we document that acquirers in a privatization context yield significant positive abnormal stock returns
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::718b559180a123369fce5f83967d7d65 https://doi.org/10.22495/cocv4i4c2p2 Zobrazit plný text záznamu