Do insiders learn from outsiders? Evidence from mergers and acquisitions

Journal of Finance

Volumn 60, Issue 4, 2005, Pages 1951-1982

  Luo, Yuanzhi ^a  

^a OTA Asset Management ^*  (Japan)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 23944484941     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2005.00784.x     Document Type: Article

References (18)

1. Bertrand, M., and A. Schoar, 2002, Managing with style: The effect of managers on firm policies, Working paper, MIT.
2. Bommel, J., 1997, Messages from market to management: The case of IPO's, Working paper, INSEAD.
3. Brealy, R., and S. Myers, 2000, Principles of Corporate Finance, 6th ed. (Irwin/McGraw-Hill, Boston).
4. Dodd, P., 1980, Merger proposals, management discretion and shareholder wealth, Journal of Financial Economics 8, 105-137.
5. Dye, R., and S. Sridhar, 2000, Strategy-directing disclosures, Working paper, Northwestern University.
6. Giammarino, R., R. Heinkel, B. Hollifield, and K. Li, 2004, Corporate decisions, information and prices: Do managers move prices or do prices move managers? Economic Notes 33, 83-110.
7. Herz, J. W., and C. H. Baller, eds., 1971, Business Acquisitions: Planning and Practice, vols. I and II (Practising Law Institute, New York City).
8. Jegadeesh, N., M. Weinstein, and I. Welch, 1993, An empirical investigation of IPO returns and subsequent equity offerings, Journal of Financial Economics 34, 153-175.
9. Jennings, R. H., and M. A. Mazzeo, 1991, Stock price movements around acquisition announcements and management's response, Journal of Business 64, 139-163.
10. Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
11. Lang, M., and R. Lundholm, 1993, Cross-sectional determinants of analysts ratings of corporate disclosures, Journal of Accounting Research 31, 246-271.
12. Luo, Y., 2001, Learning from the market as a motive for disclosure: The case of takeover announcement timing, Working paper, SSRN.
13. Luo, Y., 2002, Information from capital markets to firms during corporate takeovers, Ph.D. Dissertation, University of Rochester.
14. Perry, T., and M. Zenner, 2000, CEO compensation in the 1990s: Shareholder alignment or shareholder expropriation? Wake Forest Law Review 35, 123-152.
15. Rappaport, A., 1987, Stock market signals to managers, Harvard Business Review Nov-Dec 1987, 57-62.
16. Rock, K., 1986, Why new issues are underpriced? Journal of Financial Economics 15, 187-212.
17. Verrecchia, R., 1983, Discretionary disclosure, Journal of Accounting and Economics 5, 179-194.
18. Wagenhofer, A., 1990, Voluntary disclosure with a strategic opponent, Journal of Accounting and Economics 12, 341-364.