Institutional investors and acquisition targets
نویسندگان
چکیده
منابع مشابه
Selection or Influence? Institutional Investors and Acquisition Targets
Firms with high levels of institutional ownership are more likely to be acquired. This paper shows that this positive correlation is due to ownership endogeneity. Institutional investors are better informed investors and buy acquisition targets (“selection”). After controlling for this ownership endogeneity, the presence of institutional investors reduces the probability of being acquired. Evid...
متن کاملwww.econstor.eu Selection or Influence? Institutional Investors and Acquisition Targets
This paper shows that the positive correlation between the presence of institutional investors and a firm’s likelihood of being acquired is due to ownership endogeneity, i.e., due to the fact that institutions are better informed investors. After controlling for this ownership endogeneity, the presence of institutional investors reduces the probability of being acquired. There is also evidence ...
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Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-class effects and others. It is difficult to explain such phenomena within standard representative-agent asset pricing models. In this paper, we consider an economy populated by institutional investors alongside standard retail investors. In...
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We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation...
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ژورنال
عنوان ژورنال: Corporate Ownership and Control
سال: 2012
ISSN: 1810-3057,1727-9232
DOI: 10.22495/cocv9i3c4art2