Showing 1 - 10 of 51
A growing number of studies in finance decompose multiperiod portfolio returns into a series of single-period returns, using these to test asset pricing models or market efficiency or to evaluate the returns to investment strategies such as those based on momentum, size, and value-growth. We...
Persistent link: https://www.econbiz.de/10012758376
A growing number of studies in finance decompose multiperiod portfolio returns into series of single period returns, using these to test asset pricing models or market efficiency or to evaluate the returns to investment strategies such as those based on momentum and value-growth. We provide a...
Persistent link: https://www.econbiz.de/10012727391
Is it too much to pay target firm shareholders a 50% premium on top of market price? Or is it too much to pay a 100% premium when pursuing mergers and acquisitions? How much is too much? In this paper, we examine how the extent of merger premiums paid impacts both the long-run and announcement...
Persistent link: https://www.econbiz.de/10012783796
The divergence of opinion 'premium hypothesis', developed by Miller (1977), predicts that the price of a stock is set by optimistic investors when belief asymmetry about its value is high. We examine whether this hypothesis can explain gains to acquiring firms. We find a significant positive...
Persistent link: https://www.econbiz.de/10012729848
Is it too much to pay target firm shareholders a 50% premium on top of market price? Or is it too much to pay a 100% premium when pursuing mergers and acquisitions? How much is too much? In this paper, we examine how the extent of merger premiums paid impacts both the long-run and announcement...
Persistent link: https://www.econbiz.de/10012731949
"We evaluate the Fama-French three-factor model in the UK using the approach of Daniel and Titman (1997) to determine whether characteristics or covariance risk better explains the size and value premiums. Across all three factors, we find that return premiums bear little relationship to the...
Persistent link: https://www.econbiz.de/10005334925
A growing number of studies in finance decompose multiperiod portfolio returns into a series of single-period returns, using these to test asset pricing models or market efficiency or to evaluate the returns to investment strategies such as those based on momentum, size, and value--growth. We...
Persistent link: https://www.econbiz.de/10005564187
Persistent link: https://www.econbiz.de/10005309502
A seasoned equity offering (SEO) can improve a firm’s stock liquidity and lower its cost of capital. This paper examines whether SEO firms achieve a liquidity gain and the sources of this gain. It explores the role of liquidity risk in explaining SEO long-run performance. The evidence shows...
Persistent link: https://www.econbiz.de/10010595272
Persistent link: https://www.econbiz.de/10005362901