Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions
Preprint
- 1 January 2003
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
In a sample of more than 2000 M&As, I find that the market reaction to the initial announcement forecasts whether the companies later consummate the deal. The rKeywords
This publication has 14 references indexed in Scilit:
- Who Makes Acquisitions? CEO Overconfidence and the Market's ReactionPublished by National Bureau of Economic Research ,2004
- Managing With Style: The Effect of Managers on Firm PoliciesSSRN Electronic Journal, 2003
- Learning from the Market as A Motive for Disclosure: The Case of Takeover Announcement TimingSSRN Electronic Journal, 2003
- Resource Allocation Effects of Price Reactions to DisclosuresContemporary Accounting Research, 2002
- An empirical investigation of IPO returns and subsequent equity offeringsJournal of Financial Economics, 1993
- Stock Price Movements Around Acquisition Announcements and Management's ResponseThe Journal of Business, 1991
- Do Bad Bidders Become Good Targets?Journal of Political Economy, 1990
- Stock Trading Before the Announcement of Tender Offers: Insider Trading or Market Anticipation?Journal of Law, Economics, and Organization, 1989
- Signalling and the Pricing of New IssuesThe Journal of Finance, 1989
- Theory of the firm: Managerial behavior, agency costs and ownership structureJournal of Financial Economics, 1976