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dc.contributor.authorAkhtar, Farida
dc.date.accessioned2017-01-30T11:50:03Z
dc.date.available2017-01-30T11:50:03Z
dc.date.created2015-07-20T20:00:53Z
dc.date.issued2015
dc.identifier.citationAkhtar, F. 2015. Conditional returns to shareholders of bidding Firms: an Australian study. Accounting and Finance. [In Press].
dc.identifier.urihttp://hdl.handle.net/20.500.11937/15479
dc.identifier.doi10.1111/acfi.12149
dc.description.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.

dc.publisherWiley-Blackwell Publishing Asia
dc.subjectSample selection bias
dc.titleConditional returns to shareholders of bidding Firms: an Australian study
dc.typeJournal Article
dcterms.source.volume55
dcterms.source.number2
dcterms.source.startPage1
dcterms.source.endPage41
dcterms.source.issn0810-5391
dcterms.source.titleAccounting and Finance
curtin.departmentSchool of Economics and Finance
curtin.accessStatusFulltext not available


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