| Autor: |
Mulherin, J. Harold, Netter, Jeffry M., Stegemoller, Michael |
| Jazyk: |
angličtina |
| Rok vydání: |
2001 |
| Předmět: |
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| Popis: |
We study the wealth effects of the mergers of privatized firms. Our sample entails 39 privatized firms that subsequently become targets of a takeover and 52 privatized firms that become bidders in mergers. Our results indicate that target firms experience a 12 percent increase in equity value at the announcement of a merger. The bidding firms experience a positive but insignificant change in equity value at merger announcement. The results indicate that mergers result in net wealth creation for privatized firms and are consistent with property rights/agency cost theory. The results also offer global, non-U.S. evidence that mergers create wealth. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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