In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm-quarter Value Line observations over an 11 year (1990-2000) period. Results from both pricing-error and return-prediction analyses indicate that direct valuation...

We examine the market reaction to takeover rumour postings in the "Hotcopper" Internet Discussion Site (IDS). Results from the interday analysis show abnormal returns and trading volumes on the day before and the day of the posting. Results of the intraday analysis show abnormal returns and...

We seek to statistically inform the debate regarding the Australian Takeovers Panel's 'bright line' policy towards break fees. Based on 313 takeovers from 2002 to 2006, 85 involving break fees, we find post-bid competition to be unrelated to break fee usage and inversely related to bid success....

Commencing 13 March 2000, the "Corporate Law Economic Reform Program Act" 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure. We find...

In this study, we provide an insight into how private equity players choose their targets and the bid arrangements they prefer. We test our expectations of the unique features of private equity targets using a sample of 23 listed private equity target firms during 2001-2007. We find, relative to...