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- Title
Takeovers and Corporate Raiders: Empirical Evidence from Extended Event Studies.
- Authors
Casey, Roger; Dodd, Peter; Dolan, Phil
- Abstract
Abstract: This paper extends the time frame of the traditional event-study methodology to provide a more precise measure of the wealth effects from corporate takeovers. The extended methodology is applied empirically to examine the observed abnormal returns surrounding corporate takeovers in Australia using daily price data. The wealth effects from takeovers involving corporate raiders as acquirors are also examined and compared to those involving non-raiding acquirors. It is found that takeovers initiated by both raiding and non-raiding firms result in significant positive abnormal returns, although acquiring raiders appear to capture more of those abnormal returns than to their non-raiding counterparts.
- Subjects
MERGERS &; acquisitions; STOCKHOLDERS; CORPORATE raiders
- Publication
Australian Journal of Management (University of New South Wales), 1987, Vol 12, Issue 2, p201
- ISSN
0312-8962
- Publication type
Article
- DOI
10.1177/031289628701200204