G2TT
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
URLhttps://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.
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