دانلود مقاله ISI انگلیسی شماره 48133
عنوان فارسی مقاله

ادغام جزئی، فرضیه احتمال تملک و بازده غیرعادی برای اهداف جزئی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48133 2007 22 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Partial acquisitions, the acquisition probability hypothesis, and the abnormal returns to partial targets
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 31, Issue 10, October 2007, Pages 3080–3101

کلمات کلیدی
تملک جزئی - احتمال کسب - تصاحب - نفوذ کم - بازده غیرعادی
پیش نمایش مقاله
پیش نمایش مقاله ادغام جزئی، فرضیه احتمال تملک و بازده غیرعادی برای اهداف جزئی

چکیده انگلیسی

The acquisition of a partial stake in a target firm has been positively linked to the likelihood that the target will be involved in a follow on full acquisition involving either the original bidder or a third party bidder. Existing studies provide only suggestive evidence of this linkage by comparing the abnormal returns to partial targets that are ultimately acquired to those that are not. Using a sample of partial acquisitions, we identify characteristics that impact the probability of a full acquisition and provide a tangible link between partial target gains and the ex ante probability of acquisition. Partial targets experience positive announcement effects, and the gains are greater for subsequently acquired targets. Partial bids initiated by corporate bidders are more likely to result in a full acquisition, and the size of the acquired stake and the level of institutional ownership are positively linked to the probability of acquisition. Further, the partial target gains are positively linked to the ex ante probability of acquisition even after controlling for any increased monitoring and discipline that the partial bidder is expected to impose. The findings are robust across various time horizons and model specifications.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.