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来源类型 | ECMI Research Reports |
规范类型 | 报告 |
Fairness Opinions and Capital Markets: Evidence from Germany, Switzerland and Austria | |
Sebasian Lobe; Nils-Christian Schenk | |
发表日期 | 2009-01-07 |
出版年 | 2009 |
语种 | 英语 |
摘要 | This paper provides the first empirical evidence of fairness opinions in Europe. Legal requirements concerning the use of fairness opinions in mergers and acquisitions are significantly different in Germany, Switzerland and Austria. We examine the determinants of fairness opinions for target firms in these various regulatory settings, and moreover, investigate the impact of such opinions on the abnormal returns of target firms. While in Germany and Austria market participants do not deem fairness opinions important, they do create value for shareholders in Switzerland. Because conflicts of interest between the target’s board and bidder are a main determinant of fairness opinions in Switzerland, we conclude that when the target’s management faces such conflict, external expert advice replaces the board’s opinion on the offer. |
主题 | Economy and Finance |
URL | https://www.ceps.eu/publications/fairness-opinions-and-capital-markets-evidence-germany-switzerland-and-austria |
来源智库 | Centre for European Policy Studies (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/61901 |
推荐引用方式 GB/T 7714 | Sebasian Lobe,Nils-Christian Schenk. Fairness Opinions and Capital Markets: Evidence from Germany, Switzerland and Austria. 2009. |
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 | ||
1773.pdf(240KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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