The Intra‐Industry Effects of Going‐Private Transactions
研究发现，私有化收购公告会显著提升同行业竞争对手的股价，这种效应并非源于协同或垄断，且外部收购与内部管理层收购对竞争对手的影响相似。
ABSTRACT We demonstrate that bids to take firms private generate significantly positive valuation effects for industry rivals of target firms. These valuation effects cannot reflect either synergy or monopoly since no consolidation of operating firms is involved in such transactions. Participation by buyout specialists in the bid does not significantly affect these gains. Bids by outsiders and bids by incumbent managers generate similar valuation effects for industry rivals. The effect on share prices of industry rivals is inversely related to the capitalized values of rival firms relative to the target firm. We also report valuation effects for target firms.