English, Article edition: Post-Takeover Effects on Thai Bidding Firms: Are Takeovers in the Bidder's Interests? D. E. Allen; A. Soongswang

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Post-Takeover Effects on Thai Bidding Firms: Are Takeovers in the Bidder's Interests?
Author
  • D. E. Allen
  • A. Soongswang
Physical Description
  • article
Notes
  • This paper analyses takeover effects on the Thai stock market in terms of their impact on the bidding firms' shareholders. We apply a comprehensive analysis of shareholder wealth effects using multiple methods. Our results conform with prior studies: see Jensen and Ruback (1983), Agrawal and Jaffe (1999), Bruner (2002) and Campa and Hernando (2004). Thai takeovers result in significant negative abnormal returns over the sixteen months after the takeover. The abnormal returns, variously defined, vary from -4% to -6%, and -0.20% (monthly) for the bidding firm's shareholders. Thai takeovers do not appear to add to bidding firms' shareholder wealth.
  • Thai takeovers, bidding firms, control portfolios, bootstrapped t-tests
  • RePEc:wsi:rpbfmp:v:09:y:2006:i:04:p:509-531
Language
  • English
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