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- W2247263723 abstract "We examine investor reactions to merger and acquisition announcements, focusing on the Initial Target Price (ITP) ratio, which is the target firm stock price on the first day after the announcement relative to the offer price, and can be interpreted as a measure of investor optimism regarding deal outcomes. We find that high price-to-offer-price ratios are associated with surprisingly low likelihoods of deal success, and significant negative abnormal returns of 3.5% over the two months following the announcement. We investigate potential explanations for the results, and find that they are most consistent with the interpretation that high ITP ratios indicate investor overreaction." @default.
- W2247263723 created "2016-06-24" @default.
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- W2247263723 date "2015-01-01" @default.
- W2247263723 modified "2023-09-27" @default.
- W2247263723 title "Overreaction to Merger and Acquisition Announcements" @default.
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- W2247263723 doi "https://doi.org/10.2139/ssrn.2595329" @default.
- W2247263723 hasPublicationYear "2015" @default.
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