Conditional returns to shareholders of bidding Firms: an Australian study
MetadataShow full item record
This study examines the importance of the self-selection problem when evaluating returns to bidder firms around announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, which indicates announcements are timed; consequently, in the presence of the sample selection problem, standard ordinary least square estimates are biased. Using a conditional model, the results indicate that after controlling for the self-selection bias effect, shareholders of bidder firms make normal returns. In sum, failing to account for sample selection bias may lead to erroneous conclusions about a bidder’s true economic wealth effects around an announcement event.
Showing items related by title, author, creator and subject.
Alcohol-related biases in selective attention and action tendency make distinct contributions to dysregulated drinking behaviourSharbanee, Jason; Stritzke, W.; Wiers, R.; Macleod, C. (2013)Aims: To assess whether alcohol-related biases in selective-attention and action tendency uniquely or concurrently predict the ability to regulate alcohol consumption. Design and participants: Two groups of undergraduate ...
Van Hoof, W.; O'Sullivan, K.; O'Keeffe, M.; Verschueren, S.; O'Sullivan, Peter; Dankaerts, W. (2018)© 2017 Elsevier Ltd Objectives To investigate the efficacy of interventions for the prevention and treatment of low back pain in nurses. Design Systematic review. Data sources The review was registered on the PROSPERO ...
Basanovic, J.; Notebaert, L.; Grafton, B.; Hirsch, C.; Clarke, Patrick (2017)© 2017 Elsevier Ltd Procedures that effectively modify attentional bias to negative information have been examined for their potential to be a source of therapeutic change in emotional vulnerability. However, the degree ...