Abnormal Returns from Merger Profiles

James W. Wansley, Rodney L. Roenfeldt and Philip L. Cooley

Journal of Financial and Quantitative Analysis, 1983, vol. 18, issue 2, 149-162

Abstract: Several studies indicate the presence of large abnormal returns accruing to shareholders of merged firms in the period immediately before the merger. For example, Mandelker [18] reports that stockholders of acquired firms earn abnormal returns of approximately 14 percent in the seven months preceding merger. Franks, Broyles, and Hecht [15] find abnormal returns of 26 percent for British firms during the four months prior to merger; Elgers and Clark [11] report 43 percent abnormal returns accruing over two years before merger to shareholders of acquired firms.

Date: 1983
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