This paper examines all 340 of the 2001 “bear market” acquisition announcements of U.S. target firms reported by Mergerstat/Shannon Pratt’s Control Premium StudyTM. This paper compares the “Control Premium” reported by Mergerstat/Shannon Pratt’s Control Premium StudyTM to a comparable “Cumulative Abnormal Return”(CAR) calculated using event study methodology. While the average total “Control Premium” reported by Mergerstat differed by only −3.45% from the event study CAR, significant differences presented themselves when the event period was broken down between the day −63 to −1 “runup” period and the day 0 to end “markup” period.
Review of Quantitative Finance and Accounting – Springer Journals
Published: Jan 7, 2009
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