The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-On Activities
研究大宗持股者在身份、动机和购买方式上的异质性如何影响目标公司的证券回报和后续活动，发现债券回报在债务援助动机下显著为正，而私募配售中股票和债券回报均显著为负。
Recent research on blockholders focuses on activist hedge funds and documents positive stock but negative bond returns. This study investigates the role of blockholder heterogeneity on security market effects and target firm follow-on activities across three important dimensions: identity, motive, and purchasing method. We show that target firms’ security returns and post-acquisition activities strongly correlate with blockholder heterogeneity. Further, bond returns are significantly positive for firms with blockholders’ debt-assistance motive while both stock and bond returns are significantly negative in private placements. Overall, our findings highlight the importance of blockholder heterogeneity on the valuation and performance consequences in block acquisitions.