The returns to targets of unsuccessful takeover attempts : information or synergy effect

Daniells, Tina L. (1995). The returns to targets of unsuccessful takeover attempts : information or synergy effect Honours Thesis, School of Business, University of Queensland.

       
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Author Daniells, Tina L.
Thesis Title The returns to targets of unsuccessful takeover attempts : information or synergy effect
School, Centre or Institute School of Business
Institution University of Queensland
Publication date 1995
Thesis type Honours Thesis
Total pages 106
Language eng
Subjects 1503 Business and Management
Formatted abstract This paper examines the post-announcement share price performance of targets involved in unsuccessful takeover attempts. The extant literature does not clearly distinguish between the Synergy and Information Hypotheses of post-announcement target returns. Following Bradley, Desai and Kim (1983), this study adopts a research design that discriminates between the competing hypotheses. The results indicate that the permanent positive revaluation of unsuccessful targets is dependent upon the receipt of a subsequent, ultimately successful bid. It is the market's expectation of potential synergies resulting from a successful transfer of control over the target's resources rather than the information regarding the 'true value' of the target contained in the announcement itself that is driving the results.

 
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Created: Tue, 26 Oct 2010, 16:44:44 EST by Muhammad Noman Ali on behalf of The University of Queensland Library