The Source of Gains to Targets and Their Industry Rivals: Evidence Baed on Terminated Merger Proposals
研究并购终止对目标公司及其行业竞争对手股票收益的影响，发现目标公司受损而竞争对手受益，支持竞争对手可能成为收购目标的假说。
with the signaling hypothesis. We find that targets and rivals benefit from the merger announcement, but termination results in significant negative returns for targets and significant positive returns for rivals. Termination gains to rivals support the hypothesis that rival firms could become acquisition targets. The gains are positively related to subsequent acquisition activity involving the target and the extent of merger activity in the industry, and are inversely related to the relative size of the target rivals, the presence of competing bidders, and the regulatory environment.