Target company cross-border effects in acquisitions into the UK

We analyse the abnormal returns to target shareholders in crossborder and domestic acquisitions of UK companies. The crossborder effect during the bid month is small (0.84%), although crossborder targets gain significantly more than domestic targets during the months surrounding the bid. We find no evidence for the level of abnormal returns in crossborder acquisitions to be associated with market access or exchange rate effects, and only limited support for an international diversification effect. However, the crossborder effect appears to be associated with significant payment effects, and there is no significant residual crossborder effect once various bid characteristics are controlled for

Takeover activity and differential returns to shareholders of bidding companies

Paper no. 5 in a series prepared for the Inquiry into Corporate Takeovers in the United KingdomSIGLEAvailable from British Library Document Supply Centre- DSC:4336.61(19) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Accounting changes as a response to perceived threats

SIGLEAvailable from British Library Document Supply Centre-DSC:9305.214405(9207) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Firm size, monthly seasonalities and tax loss selling Further evidence from the UK

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.9519(no 96/12) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Industrial concentration, structural factors, and bidder returns

SIGLEAvailable from British Library Document Supply Centre-DSC:9350.214405(SU-DAF-WP--9110) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Synergy or new information as a source of wealth change in acquisitions The case of abandoned bids

SIGLEAvailable from British Library Document Supply Centre-DSC:9350.214405(SU-DAF-WP--9109) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Corporate Sell-offs in the UK: Use of Proceeds, Financial Distress and Long-run Impact on Shareholder Wealth

"This study examines the long-run return performance following UK corporate sell-off announcements. We observe significant negative abnormal returns up to five years subsequent to sell-off announcements. Our finding is robust to various specifications, irrespective of the intended use of proceeds. We also find a significantly positive association between long-run abnormal returns and the magnitude of cash proceeds for sellers reducing corporate debt as well as for sellers with deeper financial distress or higher growth prospects. Overall, we find that UK corporate sell-offs are associated with declines in subsequent shareholder wealth." Copyright 2007 The Authors Journal compilation (c) 2007 Blackwell Publishing Ltd.