Corporate governance and abnormal returns from M&A: A structural analysis Tarcisio da Graça 1 and Robert Masson 2 This version: July Literature Review Gompers et al. () construct a “Governance Index” board staggering is an anti-takeover Jun 09, · Studies in the fourth era (–) explore implications of M&A predictability on share valuation, governance and bond prices (amongst others), but most importantly, provide some evidence that takeover prediction can lead to abnormal returns when combined with appropriate screening strategies.,This presents the first in-depth review of the literature on takeover Author: Abongeh Tunyi Appedix To compute abnormal returns, svcassumethat daily returns are describedby the market model in the form Ri.t = ai + pi R,+t + blogger.com (A.1) where Ri.r is the daily rate of return on the stock of firm i on day r; R,, the daily rate of return on the value-weightedmarket portfolio on day t; k., the indepen- dent, identically distributed
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Tunyi, A. Qualitative Research in Financial Markets. ISSN Purpose This paper aims to review prior studies and presents a synthesis of the takeover prediction literature spanning the period — It explores prior studies on takeover target prediction from a historical perspective, focusing on the evolution and development of the literature over the year period.
Findings From a historical development perspective, prior studies in the area can be partitioned into four distinct eras. Studies in the first era — mainly established that takeover targets share common characteristics which can be captured with financial ratios. Studies in the second era — developed and extended formal target prediction hypotheses.
These studies concluded that it was impossible to build a successful investment strategy around takeover target prediction. Studies in the third era — explored similar questions using alternative modelling techniques but arrive at similar results — targets can be predicted with limited accuracy and abnormal returns takeovers literature review prediction is unlikely to abnormal returns takeovers literature review to abnormal returns.
It highlights the development of the literature over four distinct eras and identifies several limitations, research gaps and opportunities for future research. Given the recent decline in the literature i. fourth erathis study may stimulate new research in the area. Fifty years of research on takeover target prediction: a historical perspective. Abstract Purpose This paper aims to review prior studies and presents a synthesis of the takeover prediction literature spanning the period — This is an author-produced version of a paper subsequently published in Qualitative Research in Financial Markets.
You may not use the material for commercial purposes. Download Accepted Version. pdf Licence: CC-BY-NC 4. CLICK TO DOWNLOAD, abnormal returns takeovers literature review. CORE COnnecting REpositories. Accepted: 10 March Published online : 9 June Symplectic Sheffield.
Performing a Literature Review
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Mar 22, · Regressions of abnormal returns on Value Line earnings forecast revisions for target firms. Abnormal returns are computed as the difference between the firms' daily returns and expected returns estimated using the market model. Abnormal returns are cumulated over an day window from five days before to five days after the announcement Mar 10, · Purpose This paper aims to review prior studies and presents a synthesis of the takeover prediction literature spanning the period – Design/methodology/approach The paper adopts a narrative review approach. It explores prior studies on takeover target prediction from a historical perspective, focusing on the evolution and development of the Arbitrage opportunities in corporate takeovers: an efficient markets analysis. Harold B. Tamule of no abnormal returns of merger arbitrage hedge portfolios formed in LITERATURE REVIEW Review of Merger Theory Literature Review of
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