Minority Buyouts and Ownership Characteristics: Evidence from the Toronto Stock Exchange
比较了59例控股股东发起的少数股权收购和113例非控股竞标者发起的收购对目标股东财富的影响，发现公告日少数股权收购使股东财富增加20.7%，但控制其他因素后两类收购的回报无显著差异。
We compare the impact on target shareholder wealth of a sample of 59 Toronto Stock Exchange minority buyouts by controlling shareholders and 113 buyouts involving noncontrolling bidders. The results indicate that on the announcement day, target shareholders' wealth increases by 20.7% for the minority buyouts and 15.9% for cases involving buyouts by noncontrolling bidders. After controlling for the effect of firm size, type of payment, form of transaction, multiple bidding and distribution of votes among shareholders, minority buyouts are found to provide no significantly different returns compared to takeover offers from noncontrolling bidders. The paper also examines the ownership factors affecting shareholder returns for the different types of buyouts. While no relationship is found between returns and prior holdings of the bidder, shareholder returns in minority buyouts are positively related to the percentage of shares held by other large shareholders.