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http://bura.brunel.ac.uk/handle/2438/26069| Title: | Investors’ activism and the gains from takeover deals |
| Authors: | Guo, JM Paudyal, K Utham, V Xing, X |
| Keywords: | hedge funds;investor activism;mergers & acquisitions;event studies |
| Issue Date: | 23-Oct-2019 |
| Publisher: | Routledge (Taylor & Francis Group) |
| Citation: | Guo, J.M. et al. (2020) 'Investors’ activism and the gains from takeover deals', The European Journal of Finance, 26 (1), pp. 64 - 83. doi: 10.1080/1351847x.2019.1680407. |
| Abstract: | We examine whether activists add value to the shareholders of targets and their acquirers. Several findings emerge. First, acquirers of targets that have activists outperform acquirers of other targets in both the short and long term. Second, the premium received by the shareholders of targets is not affected by activism. Third, superior gains achieved by the acquirers of targets with activists are driven by non-cash deals, while the average target benefits more from cash deals. |
| URI: | https://bura.brunel.ac.uk/handle/2438/26069 |
| DOI: | https://doi.org/10.1080/1351847x.2019.1680407 |
| ISSN: | 1351-847X |
| Other Identifiers: | ORCID iD: Vinay Utham https://orcid.org/0000-0002-2631-4396 |
| Appears in Collections: | Brunel Business School Research Papers |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| FullText.pdf | Copyright © 2019 Informa UK Limited, trading as Taylor & Francis Group. This is an Accepted Manuscript of an article published by Taylor & Francis in The European Journal of Finance on 23 Oct 2019, available online: https://www.tandfonline.com/doi/abs/10.1080/1351847X.2019.1680407. | 411.83 kB | Adobe PDF | View/Open |
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