Returns to Acquirers of Listed and Unlisted Targets

By Mara Faccio, John J. McConnell, David Stolin. Journal of Financial and Quantitative Analysis, 2006

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Citations in the corpus

Target-firm information asymmetry and acquirer returns (2009, background): “…a subsample of takeover announcements that result in positive abnormal returns for acquiring firm stockholders: takeovers of targets that are not publicly listed (Chang, 1998; Fuller, Netter, and Stegemoller, 2002; Moeller, Schlingemann, and Stulz, 2004; and Faccio, McConnell, and Stolin, 2006).”
Gains from Mergers and Acquisitions Around the World: New Evidence (2010, methodology): “For U.K. evidence, see Firth (1980); Franks and Harris (1989); Faccio, McConnell, and Stolin (2006); and Draper and Paudyal (2006).”
Mergers and Acquisitions in Europe (2006, unknown): “The theoretical and empirical literature suggests that bids for such firms may lead to bidder returns that exceed those obtained in the bids for public firms (Chang 1998, Moeller et al. 2004, Faccio et al. 2004).”
Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms (2017, result): “For example, the extant studies conducted by Asquith (1983), Morck et al. (1990), Lang et al. (1991), Schwert (2000), Floreani and Rigamonti (2001), Moeller et al. (2005), Faccio et al. (2006) and Masulis et al. (2007) found positive abnormal returns for the shareholders of U.S. acquiring firms.”
Anticipation, Acquisitions and Bidder Returns: Industry Shocks and the Transfer of Information Across Rivals (2011, unknown): “…bidder returns include form of payment [Travlos (1987), Huang and Walkling (1987), and Wansley, Lane and Yang (1983)], organizational structure, and nationality of the target [Faccio, McConnell, and Stolin (2007), Fuller, Netter, and Stegemoller (2002) Moeller, Schlingemann and Stulz (2004, 2005)].”
How have M&As changed? Evidence from the sixth merger wave (2012, unknown): “Rpt – Rft = p + bp (Rmt - Rft) + sp SMBt + hp HMLt + up UMDt + pt , where Rpt – Rft is the equally-weighted, monthly calendar time portfolio excess return and the independent variables are the Fama and French (1993) and Carhart (1997) factors.”