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Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
Claremont Colleges Working Papers in Economics No. 2001-21
Verlag: 
Claremont McKenna College, Department of Economics, Claremont, CA
Zusammenfassung: 
We study the wealth effects of the mergers of privatized firms. Our sample entails 39 privatized firms that subsequently become targets of a takeover and 52 privatized firms that become bidders in mergers. Our results indicate that target firms experience a 12 percent increase in equity value at the announcement of a merger. The bidding firms experience a positive but insignificant change in equity value at merger announcement. The results indicate that mergers result in net wealth creation for privatized firms and are consistent with property rights/agency cost theory. The results also offer global, non-U.S. evidence that mergers create wealth.
Dokumentart: 
Working Paper

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