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- Eckbo, B. Espen, et al.
(författare)
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Gains to bidder firms revisited : Domestic and Foreign Acquisitions in Canada
- 2000
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Ingår i: Journal of Financial and Quantitative Analysis. - : Cambridge University Press (CUP): HSS Journals. - 0022-1090. ; 35:1, s. 1-25
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Tidskriftsartikel (refereegranskat)abstract
- We present large-sample evidence on the performance of domestic and U.S.(foreign) bidder firms acquiring Canadian targets. Domestic bidders earn significantly positive average announcement-period abnormal returns, while U.S. bidder returns are indistinguishable from zero. Measures of pre- and post-acquisition abnormal accounting performance are also consistent with a superior domestic bidder performance. Domestic bidder announcement returns are on average greatest for offers involving stock-payment and for the bidders with the smallest equity size relative to the target. Neither direct foreign investment controls, horizontal product-market relationships, nor acquisition propensities explain why domestic bidders outperform their U.S. competitors
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