Corporate Investments in Common Stock (Classic Reprint)
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
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Condition: New
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Print on Demand. This book offers a multifaceted investigation into the nature of corporate investments in common stock through a comprehensive study of transactions reported to the SEC from 1978 to 1980. The author probes beyond the popular focus on takeovers and mergers, uncovering a significant portion of corporate common stock investments unaccompanied by takeover attempts. The author uncovers distinct investment strategies and outcomes, demonstrating that stock prices respond differently based on the type of investment and its final result. For example, target company stockholders often experience significant gains, especially in instances of successful takeovers. In contrast, acquiring firms frequently incur losses when takeovers are unsuccessful. The author also examines the role of frequent acquirers, finding that their investment strategies and outcomes differ from other acquiring firms. Notably, frequent acquirers are less likely to pursue successful takeovers, favoring more profitable outcomes such as standstill agreements or share sales. This book not only deepens our understanding of corporate investments in common stock but also sheds light on the broader context of corporate control and the strategies employed by firms within this dynamic landscape. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781332256532_0
- Title
- Corporate Investments in Common Stock (Classic Reprint)
- Author
- Richard S. Ruback, Wayne H. Mikkelson
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1332256538
- ISBN 13
- 9781332256532
- Seller catalogs
- Business Investment
This paper examines corporate acquisitions of another company's common stock that were reported to the sec during the years 1978 through 1980.
Common stock returns of both the acquiring and target firms are analyzed around the date of the earliest published report that an ownership position of 52 or more of the target firm's common stock has been or will be taken. In addition, common stock returns are examined around important events subsequent to the initial announcement date as well as around the final outcome of the investment. The stock returns at the initial announcement, the final outcome and the intervening events are summed to estimate the acquiring and target firm's returns from the investment activity.
A great deal of research and public attention has been devoted in recent years to corporate acquisitions of common stock that are attempts to acquire control of another firm.1 We find, however, that purchases of common stock through tender offers and mergers represent a minority of corporate investments in common stock. The expected payoffs for a majority of corporate investments appears to be the direct returns from security ownership, dividends and price appreciation, rather than cash flows or other benefits from exercising control over the activities of another firm. This study, therefore, broadens the view of corporate purchases of common stock, and examines a range of investment strategies and outcomes.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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Forgotten Books publishes hundreds of thousands of rare and classic books.
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This text has been digitally restored from a historical edition. Some errors may persist, however we consider it worth publishing due to the work's historical value.
The digital edition of all books may be viewed before purchase if you request a sample.
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