An Empirical Analysis of the Interfirm Equity Investment Process
An Empirical Analysis of the Interfirm Equity Investment Process
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企业间股权投资过程的实证分析
DOI：
10.1016/0304-405x(85)90025-x
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Richard S. Ruback
中科院分区：
文献类型：
--
作者：
W. Mikkelson;Richard S. Ruback
本文研究了公司投资于另一家公司5%或以上的股权证券对股票过程的影响。这类投资启动了一个过程，最终可能是收购、定向回购、第三方收购或销售股份。投资对收购公司和目标公司的总估值影响包括披露投资头寸、结果公告和相关干预事件时的回报。例如，目标公司在最初披露投资时的正回报超过了定向回购时的负回报。
This paper measures the effects on stock proces of corporate investments in 5% or more of another company's equity securities. Such investments initiate a process that may end with a takeover, targeted repurchase, takeover by a third party, or sale of the shares. The total valuation effect of the investment for acquiring and target firms includes returns at disclosure of the investment position, the outcome announcement, and related intervening events. For example, the positive return for target firms at initial disclosure of the investment more than offsets the negative return at a targeted repurchase.