• Medientyp: E-Book
  • Titel: Predictability of Industry Returns After M&A Announcements
  • Beteiligte: Funke, Christian [Verfasser:in]; Gebken, Timo [Sonstige Person, Familie und Körperschaft]; Johanning, Lutz [Sonstige Person, Familie und Körperschaft]; Michel, Gaston [Sonstige Person, Familie und Körperschaft]
  • Erschienen: [S.l.]: SSRN, [2010]
  • Umfang: 1 Online-Ressource (32 p)
  • Sprache: Nicht zu entscheiden
  • DOI: 10.2139/ssrn.887289
  • Identifikator:
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 2006 erstellt
  • Beschreibung: This paper documents a strong and prevalent drift in long-term industry returns after Mamp;A announcements. Specifically, industries that experience positive average announcement reactions continue to do well in the future, while industries that experience negative average announcement reactions continue to do poorly. Industry Mamp;A investment strategies, which buy positively reacting industries and sell negatively reacting industries, appear profitable even after controlling for size and book-to-market effects in returns. Profitability has strengthened over time and seems to exist also for the largest stocks. The evidence suggests that capital markets underreact to the industry-wide information provided by merger announcements
  • Zugangsstatus: Freier Zugang