RETURNS TO SHAREHOLDERS IN SUCCESSFULLY DEFENDED TAKEOVER BIDS: UK EVIDENCE 1975–1984
研究1975-1984年英国成功防御敌意收购的目标公司和竞标公司股东在收购前后的回报，发现目标公司股东在收购失败后仍获得显著异常收益，挑战有效市场假说。
This study examines the economic performance of target and bidding companies where the target successfully defended a hostile takeover bid in the period 1975–1984. Returns to shareholders in both target and bidding companies are measured for the six months preceding the bid, and for the twenty‐four months after the bid. The study finds that the significant gains obtained by shareholders in the target company around the time of the bid announcement are not lost after the failure of the bid. In apparent defiance of the efficient market hypothesis abnormal returns continue for the two years after the bid. As for the bidding company, the small positive abnormal returns to its shareholders are also sustained after the bid.