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    Conditional returns to shareholders of bidding Firms: an Australian study

    Access Status
    Fulltext not available
    Authors
    Akhtar, Farida
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Akhtar, F. 2015. Conditional returns to shareholders of bidding Firms: an Australian study. Accounting and Finance. [In Press].
    Source Title
    Accounting and Finance
    DOI
    10.1111/acfi.12149
    ISSN
    0810-5391
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/15479
    Collection
    • Curtin Research Publications
    Abstract

    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.

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