Leverage, ownership structure, and returns to shareholders of target and bidding firms
This paper tests for the joint effects of leverage and ownership structure in target firms on returns to shareholders in both target and bidding firms. For a sample of 81 targets and 81 bidders in successful takeovers covering the years 1980 through 1990, our event-study results indicate that the de...
محفوظ في:
| المؤلف الرئيسي: | |
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| مؤلفون آخرون: | , |
| التنسيق: | article |
| منشور في: |
1999
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| الوصول للمادة أونلاين: | http://hdl.handle.net/10725/4701 http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php http://www.jstor.org/stable/40473258?seq=1#page_scan_tab_contents |
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| _version_ | 1864513464111726592 |
|---|---|
| author | Raad, Elias |
| author2 | Ryan, Robert Sinkey, Joseph F. |
| author2_role | author author |
| author_facet | Raad, Elias Ryan, Robert Sinkey, Joseph F. |
| author_role | author |
| dc.creator.none.fl_str_mv | Raad, Elias Ryan, Robert Sinkey, Joseph F. |
| dc.date.none.fl_str_mv | 1999 2016-10-27T08:13:52Z 2016-10-27T08:13:52Z 2016-10-27 |
| dc.identifier.none.fl_str_mv | 0747-5535 http://hdl.handle.net/10725/4701 Raad, E., Ryan, R., & Sinkey Jr, J. F. (1999). Leverage, ownership structure, and returns to shareholders of target and bidding firms. Quarterly Journal of Business and Economics, 37-53. http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php http://www.jstor.org/stable/40473258?seq=1#page_scan_tab_contents |
| dc.language.none.fl_str_mv | en |
| dc.relation.none.fl_str_mv | Quarterly Journal of Business and Economics |
| dc.rights.*.fl_str_mv | info:eu-repo/semantics/openAccess |
| dc.title.none.fl_str_mv | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| dc.type.none.fl_str_mv | Article info:eu-repo/semantics/publishedVersion info:eu-repo/semantics/article |
| description | This paper tests for the joint effects of leverage and ownership structure in target firms on returns to shareholders in both target and bidding firms. For a sample of 81 targets and 81 bidders in successful takeovers covering the years 1980 through 1990, our event-study results indicate that the debt ratios of target firms are associated with significant positive abnormal returns for the shareholders of target firms. Correspondingly, the returns to shareholders of bidding firms are negatively affected by higher leverage in the target firm. In addition, we find that institutional ownership in targets has a positive effect on the excess dollar gains that accrue to their shareholders. |
| eu_rights_str_mv | openAccess |
| format | article |
| id | LAURepo_dd12186980475ef29c2f7c91b446b1d9 |
| identifier_str_mv | 0747-5535 Raad, E., Ryan, R., & Sinkey Jr, J. F. (1999). Leverage, ownership structure, and returns to shareholders of target and bidding firms. Quarterly Journal of Business and Economics, 37-53. |
| language_invalid_str_mv | en |
| network_acronym_str | LAURepo |
| network_name_str | Lebanese American University repository |
| oai_identifier_str | oai:laur.lau.edu.lb:10725/4701 |
| publishDate | 1999 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| spelling | Leverage, ownership structure, and returns to shareholders of target and bidding firmsRaad, EliasRyan, RobertSinkey, Joseph F.This paper tests for the joint effects of leverage and ownership structure in target firms on returns to shareholders in both target and bidding firms. For a sample of 81 targets and 81 bidders in successful takeovers covering the years 1980 through 1990, our event-study results indicate that the debt ratios of target firms are associated with significant positive abnormal returns for the shareholders of target firms. Correspondingly, the returns to shareholders of bidding firms are negatively affected by higher leverage in the target firm. In addition, we find that institutional ownership in targets has a positive effect on the excess dollar gains that accrue to their shareholders.PublishedN/A2016-10-27T08:13:52Z2016-10-27T08:13:52Z19992016-10-27Articleinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article0747-5535http://hdl.handle.net/10725/4701Raad, E., Ryan, R., & Sinkey Jr, J. F. (1999). Leverage, ownership structure, and returns to shareholders of target and bidding firms. Quarterly Journal of Business and Economics, 37-53.http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.phphttp://www.jstor.org/stable/40473258?seq=1#page_scan_tab_contentsenQuarterly Journal of Business and Economicsinfo:eu-repo/semantics/openAccessoai:laur.lau.edu.lb:10725/47012021-03-19T09:10:12Z |
| spellingShingle | Leverage, ownership structure, and returns to shareholders of target and bidding firms Raad, Elias |
| status_str | publishedVersion |
| title | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| title_full | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| title_fullStr | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| title_full_unstemmed | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| title_short | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| title_sort | Leverage, ownership structure, and returns to shareholders of target and bidding firms |
| url | http://hdl.handle.net/10725/4701 http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php http://www.jstor.org/stable/40473258?seq=1#page_scan_tab_contents |