TY - JOUR
T1 - Acquiring firm characteristics and stock market efficiency
T2 - A case study approach
AU - Lin, Lin
AU - Piesse, Jenifer
AU - Chou, De Wai
PY - 2005
Y1 - 2005
N2 - Previous studies have considered the market for corporate control, but have tended to assume that this is a strategy undertaken by financially robust acquiring firms. This paper provides five case studies that reflect that both acquirers and targets have differing financial characteristics. In depth examination has found that the ambiguous results in the literature are due to a lack of understanding of the complexity and diversity of takeover participants. These results indicate that while the market is efficient, there are a number of different effects of takeover that relate to the diverse nature of firms and their environment.
AB - Previous studies have considered the market for corporate control, but have tended to assume that this is a strategy undertaken by financially robust acquiring firms. This paper provides five case studies that reflect that both acquirers and targets have differing financial characteristics. In depth examination has found that the ambiguous results in the literature are due to a lack of understanding of the complexity and diversity of takeover participants. These results indicate that while the market is efficient, there are a number of different effects of takeover that relate to the diverse nature of firms and their environment.
KW - Bankruptcy prediction
KW - Conditional probability analysis
KW - Efficient markets
KW - Takeovers
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U2 - 10.1504/IJSTM.2005.007513
DO - 10.1504/IJSTM.2005.007513
M3 - Article
AN - SCOPUS:33846020502
SN - 1460-6720
VL - 6
SP - 576
EP - 598
JO - International Journal of Services, Technology and Management
JF - International Journal of Services, Technology and Management
IS - 6
ER -