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dc.contributor.authorDutordoir, M
dc.contributor.authorVagenas-Nanos, E
dc.contributor.authorVerwijmeren, P
dc.contributor.authorWu, B
dc.date.accessioned2020-11-27T00:41:37Z
dc.date.available2020-11-27T00:41:37Z
dc.date.issued2021
dc.identifier.citationDutordoir, M., Vagenas-Nanos, E., Verwijmeren, P. & Wu, B. (2021). A rundown of merger target run-ups. Financial Management, Forthcoming, https://doi.org/10.1111/fima.12331.
dc.identifier.issn0046-3892
dc.identifier.urihttp://hdl.handle.net/11343/252556
dc.description.abstractWe provide evidence of a drastic drop in stock run-ups of U.S. target firms preceding merger and acquisition (M&A) announcements over the past decades. The median target run-up declines from approximately 10% in the 1980s to 2% after 2010. The trend in target run-ups cannot be fully explained by deal or firm characteristics associated with deal anticipation. However, it disappears after controlling for changes in the strength of U.S. insider trading regulation over the research period. Further analyses corroborate our conclusion that more stringent insider trading regulation is the most likely explanation for the reduction in target run-ups.
dc.languageEnglish
dc.publisherWiley
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0
dc.titleA rundown of merger target run-ups
dc.typeJournal Article
dc.identifier.doi10.1111/fima.12331
melbourne.affiliation.departmentFinance
melbourne.source.titleFinancial Management
melbourne.source.volumeForthcoming
dc.rights.licensecc-by-nc-nd
melbourne.elementsid1464473
melbourne.contributor.authorVerwijmeren, Patrick
dc.identifier.eissn1755-053X
melbourne.accessrightsOpen Access


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