Wealth effects to bidding companies from regulatory interventions in the UK

Edward Jones and Jonathan Crook

Applied Financial Economics, 2009, vol. 19, issue 8, 625-634

Abstract: Using a sample of 186 referrals between 1965 and 2006, we analyse the abnormal returns experienced by UK bidding companies when a decision is made by UK regulators to refer a merger or acquisition for inquiry and when the decision is published by the regulator. We find evidence of disagreement between the regulator and stock valuations as to the expected outcome of the merger or acquisition.

Date: 2009
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DOI: 10.1080/09603100802314484

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