| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25814 |
| 来源ID | Working Paper 25814 |
| Institutional Trading Around M&A Announcements | |
| Eliezer Fich; Viktoriya Lantushenko; Clemens Sialm | |
| 发表日期 | 2019-05-06 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Takeover targets often experience substantial share price appreciations around public announcements of mergers and acquisitions. We analyze hedge fund and mutual fund holdings around takeover announcements to assess the differences in investment strategies across institutions. Our results indicate that hedge funds in the aggregate increase their holdings of soon-to-be takeover targets by 7.2% during the quarter prior to the public announcement. Conversely, mutual funds reduce their equity holdings in impending targets by 3.0% during the quarter before M&A announcements and therefore potentially forgo profitable investment opportunities. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w25814 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583487 |
| 推荐引用方式 GB/T 7714 | Eliezer Fich,Viktoriya Lantushenko,Clemens Sialm. Institutional Trading Around M&A Announcements. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25814.pdf（392KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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