The economic effect of acquisitions through tender offers.

Research Project

Project/Area Number	22730358
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Single-year Grants
Research Field	Accounting
Research Institution	Takasaki City University of Economics
Principal Investigator	TAKAHASHI Mioko 高崎経済大学, 地域政策学部, 准教授 (20438104)
Project Period (FY)	2010 – 2012
Project Status	Completed (Fiscal Year 2012)
Budget Amount *help	¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000) Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000) Fiscal Year 2011: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000) Fiscal Year 2010: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Keywords	財務会計 / 株式公開買付 / 会計学 / 株式公開買付（TOB） / 株式公開買付(TOB)
Research Abstract	The purpose of this study is to investigate the market reaction to acquisitions through tender offers. In this study we define tender offer as wholly owned tender offer when the bidder acquires all of the issued shares of the target and the other as non-wholly owned tender offer. We find different market reaction between the two tender offers. Especially, our evidence showed that the bidder and the target company’s weighted average abnormal return is positive and statistically significant when the bidder acquires all of the issued shares of the target firm.

Report

(4 results)