Bessembinder, Hendrik; Zhang, Feng - In: Journal of Financial Economics 109 (2013) 1, pp. 83-102
The well-documented abnormal long-run buy-and-hold returns to firms issuing equity in initial public offerings and seasoned equity offerings, firms bidding in mergers, and firms initiating dividends can be attributed to imperfect control-firm matching. In addition to firm size and market-to-book...