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MERGERS AND TENDER OFFERS: A REVIEW OF THE LITERATURE

Journal Name:

  • Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2001
Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Mergers and tender offers are one of the most researched areas in finance. However, some basic issues still remain unresolved. Most empirical research focuses on daily stock returns surrounding announcement dates. There are fewer studies that look at the long-run performance of acquiring firms after merger. "Many researchers have addressed the question of wealth gains from acquisitions. They typically find three patterns: (i) target shareholders earn significantly positive abnormal returns from all acquisitions, (ii) acquiring shareholders earn little or no abnormal returns from tender offers, and (iii) acquiring shareholders earn negative abnormal returns from mergers. The evidence is usually based on returns computed over a pre-acquisition period starting immediately before the announcement date and ending on or before the effective date." (Loughran and Vijh (1997)).
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REFERENCES

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