Essays on Corporate Control Transactions

Essays on Corporate Control Transactions

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The second essay examines the behavior, motivation, and effects of institutional trading of acquirer stocks around MaAs. I document that institutional investors generally increase their holdings of an acquirer shares in announcement quarters and decrease their holdings in resolution quarters, and that the number of institutional owners of an acquiring firm keeps increasing all along. The increase in institutional holdings indicates that institutional investors buy acquirer stocks around announcements, whereas the decrease in their holdings does not necessarily mean that they sell acquirer stocks around resolutions because of the issue of equity integration. Further, I find that institutional trading of acquirer stocks facilitates the success of MaA transactions. However, the evidence does not support the argument that institutional investors trade acquirer stocks because they are better informed in recognizing potential winners among acquiring firms.Introduction Whether managers, when buying out a firm, pursue their own interests at the expense of shareholders, has ... essay answers these questions by investigating how managers are involved in a buyout transaction in terms of theiranbsp;...

Title:Essays on Corporate Control Transactions
Author: Kai Chen
Publisher:ProQuest - 2009

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