کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960518 929486 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Cross-ownership, returns, and voting in mergers
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Cross-ownership, returns, and voting in mergers
چکیده انگلیسی

We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they hold substantial stakes in the targets and make up for the losses from the acquirers with the gains from the targets. Depending on their holdings in the target, acquirer shareholders generally realize different returns from the same merger, some losing money and others gaining. This conflict of interest is reflected in the mutual fund voting behavior: In mergers with negative acquirer announcement returns, cross-owners are significantly more likely to vote for the merger.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 89, Issue 3, September 2008, Pages 391–403
نویسندگان
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