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Investors Activism and the Gains from Takeover Deals

Guo, M; Paudyal, K; Utham, V; Xing, X

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Authors

K Paudyal

V Utham

X Xing



Abstract

We examine whether activists add value to the shareholders of targets and their acquirers. Several findings emerge. First, acquirers of targets that have activists outperform acquirers of other targets in both the short and long term. Second, the premium received by the shareholders of targets is not affected by activism. Third, superior gains achieved by the acquirers of targets with activists are driven by non-cash deals, while the average target benefits more from cash deals.

Citation

Guo, M., Paudyal, K., Utham, V., & Xing, X. (2020). Investors Activism and the Gains from Takeover Deals. European Journal of Finance, 26(1), 64-83. https://doi.org/10.1080/1351847x.2019.1680407

Journal Article Type Article
Acceptance Date Oct 8, 2019
Online Publication Date Oct 23, 2019
Publication Date 2020
Deposit Date Oct 9, 2019
Publicly Available Date Apr 23, 2021
Journal European Journal of Finance
Print ISSN 1351-847X
Electronic ISSN 1466-4364
Publisher Taylor and Francis Group
Peer Reviewed Peer Reviewed
Volume 26
Issue 1
Pages 64-83
DOI https://doi.org/10.1080/1351847x.2019.1680407
Public URL https://durham-repository.worktribe.com/output/1288746

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