文章基本信息

标题：Returns to Bidding and Target Firms in Hostile Takeovers: Some UK Evidence
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作者：Shamsher Mohamad ; Annuar Md. Nassir
期刊名称：Pertanika Journal of Social Sciences & Humanities
印刷版ISSN：0128-7702
电子版ISSN：2231-8534
出版年度：1991
卷号：14
期号：3
出版社：Universiti Putra Malaysia
摘要：This paper explores the returns to bidding and target firms in hostile takeovers and their combined wealth effects on the announcement of the offer in the UK The findings reveal that bidder firms earn negative and significant abnormal returns, whereas target firms earn positive and significant abnormal returns. The gains to target firms more than compensate the losses suffered by bidders as the combined gains are positive and significant These findings are consistent with those documented in the US. The positive and significant combined gains imply that takeovers are wealth-creating investments, which is consistent with the notion that managers pursue takeovers to maximise wealth rather than size of their firm.
关键词：takeovers; bidders; targets; abnormal returns; combined gains