Takeovers and Corporate Raiders: Empirical Evidence from Extended Event Studies

Roger Casey, Peter Dodd and Phil Dolan
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Roger Casey: Whitlam Tumbull & Co. Limited and the Australian Graduate School of Management.
Peter Dodd: Whitlam Tumbull & Co. Limited and the Australian Graduate School of Management.
Phil Dolan: Stanford University.

Australian Journal of Management, 1987, vol. 12, issue 2, 201-220

Abstract: This paper extends the time frame of the traditional event-study methodology to provide a more precise measure of the wealth effects from corporate takeovers. The extended methodology is applied empirically to examine the observed abnormal returns surrounding corporate takeovers in Australia using daily price data. The wealth effects from takeovers involving corporate raiders as acquirors are also examined and compared to those involving non-raiding acquirors. It is found that takeovers initiated by both raiding and non-raiding firms result in significant positive abnormal returns, although acquiring raiders appear to capture more of those abnormal returns than do their non-raiding counterparts.

Keywords: TAKEOVERS; CORPORATE RAIDERS; SUBSTANTIAL SHAREHOLDING (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:12:y:1987:i:2:p:201-220

DOI: 10.1177/031289628701200204

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