Post-takeover returns: The UK evidence

This paper looks for abnormal stock returns after the completion of takeovers in the UK. Over the period 1975 to 1990, and controlling for size, UK acquirers show zero abnormal returns in the three years following completion. However, over shorter periods we find evidence of significant clustering o...

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Bibliographic Details
Published inJournal of empirical finance Vol. 5; no. 1; pp. 27 - 46
Main Authors Higson, Chris, Elliott, Jamie
Format Journal Article
LanguageEnglish
Published Elsevier B.V 1998
Elsevier
SeriesJournal of Empirical Finance
Subjects
Hostile
Post-takeover period
Returns
Size benchmark
Takeovers
Returns
G34
Size benchmark
Post-takeover period
Takeovers
Hostile
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Summary:This paper looks for abnormal stock returns after the completion of takeovers in the UK. Over the period 1975 to 1990, and controlling for size, UK acquirers show zero abnormal returns in the three years following completion. However, over shorter periods we find evidence of significant clustering of positive and negative returns.
ISSN:0927-5398
1879-1727
DOI:10.1016/S0927-5398(96)00015-1