Professor Michael Guo jie.guo@durham.ac.uk
Professor
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.
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 |
Accepted Journal Article
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Copyright Statement
This is an Accepted Manuscript of an article published by Taylor & Francis in European Journal of Finance on 23rd October 2019, available online: http://www.tandfonline.com/10.1080/1351847X.2019.1680407
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