Value creation by block acquisitions and the importance of block owner identity
1
Chair of Finance, FIF Institute, Zeppelin University, Am Seemoser Horn 20, D-88045 Friedrichshafen, Germany
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Publication type: Journal Article
Publication date: 2016-05-01
scimago Q1
wos Q1
SJR: 1.711
CiteScore: 10.7
Impact factor: 6.9
ISSN: 15446123, 15446131
Finance
Abstract
We examine stock price reactions to minority block purchases in German target companies. Our results document that the formation of new outside blocks leads to significant value creation for target shareholders, the size of the effect depending on the identity of the block acquirer. As blocks by strategic investors or activist sponsors entail significantly higher returns compared to pure financial block acquirers this result can be ascribed to a differentiated support of the monitoring hypothesis of agency theory. We also find a negative relation between target firms’ growth before the acquisition and the value generation by new block owners.
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Mietzner M., Schiereck D. Value creation by block acquisitions and the importance of block owner identity // Finance Research Letters. 2016. Vol. 17. pp. 118-124.
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Mietzner M., Schiereck D. Value creation by block acquisitions and the importance of block owner identity // Finance Research Letters. 2016. Vol. 17. pp. 118-124.
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TY - JOUR
DO - 10.1016/j.frl.2016.02.004
UR - https://doi.org/10.1016/j.frl.2016.02.004
TI - Value creation by block acquisitions and the importance of block owner identity
T2 - Finance Research Letters
AU - Mietzner, Mark
AU - Schiereck, Dirk
PY - 2016
DA - 2016/05/01
PB - Elsevier
SP - 118-124
VL - 17
SN - 1544-6123
SN - 1544-6131
ER -
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@article{2016_Mietzner,
author = {Mark Mietzner and Dirk Schiereck},
title = {Value creation by block acquisitions and the importance of block owner identity},
journal = {Finance Research Letters},
year = {2016},
volume = {17},
publisher = {Elsevier},
month = {may},
url = {https://doi.org/10.1016/j.frl.2016.02.004},
pages = {118--124},
doi = {10.1016/j.frl.2016.02.004}
}