Pre-Bid Acquisitions and Substantial Shareholder Notices
- 22 June 1991
- journal article
- research article
- Published by SAGE Publications in Australian Journal of Management
- Vol. 16 (1), 1-33
- https://doi.org/10.1177/031289629101600101
Abstract
Share price changes of approximately 10–13% are found at the time of the announcement of substantial shareholdings. These price adjustments are interpreted as being consistent with the market reassessing the probability of an impending takeover offer rather than a reassessment of the underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider” firms appeared to be positively revalued.Keywords
This publication has 19 references indexed in Scilit:
- Takeovers and Corporate Raiders: Empirical Evidence from Extended Event StudiesAustralian Journal of Management, 1987
- The Share Market's Assessment of Initial Acquisitions by Seven Controversial InvestorsAustralian Journal of Management, 1987
- Event study methodologies and the size effect: The case of UK press recommendationsJournal of Financial Economics, 1986
- A Comparison of Alternative Testing Methodologies Used in Capital Market ResearchJournal of Accounting Research, 1984
- Biases in computed returnsJournal of Financial Economics, 1983
- Stock return seasonalities and the tax-loss selling hypothesis: Analysis of the arguments and Australian evidenceJournal of Financial Economics, 1983
- The rationale behind interfirm tender offers: Information or synergy?Journal of Financial Economics, 1983
- The gains to bidding firms from mergerJournal of Financial Economics, 1983
- Discussion of Market-Based Empirical Research in Accounting: A Review, Interpretation, and ExtensionJournal of Accounting Research, 1982
- Measuring security price performanceJournal of Financial Economics, 1980