The impact of takeovers on the wealth of shareholders of bidding firms: the Hong Kong experience.

by Ko Shuk Yin, Yim Kok Man.Thesis (M.B.A.)--Chinese University of Hong Kong, 1994.Includes bibliographical references (leaves [39-41]).ACKNOWLEDGEMENTS --- p.iABSTRACT --- p.iiTABLE OF CONTENTS --- p.iiiChapterChapter I. --- INTRODUCTION AND OBJECTIVE --- p.1Introduction --- p.1Objective --- p.2Chapter II. --- LITERATURE REVIEW --- p.4Rationale for Takeovers --- p.4From the shareholders' standpoint --- p.4From the managers' standpoint --- p.7Empirical Literature Review --- p.9Overview --- p.9Target Firm Stockholder Returns --- p.12Bidding Firm Stockholder Returns --- p.13Chapter III. --- METHODOLOGY --- p.16Data --- p.16Hypothesis To Be Tested --- p.17Methodology --- p.17Chapter IV. --- EMPIRICAL RESULTS --- p.21An Overview --- p.21Interpretation --- p.24Stock price movement --- p.24Information leakage --- p.27Hubris hypothesis --- p.27Mode of payment --- p.28Number of bidders --- p.29Chapter V. --- LIMITATIONS AND RECOMMENDATIONS --- p.30Limitations --- p.30Recommendations --- p.31APPENDICESBIBLIOGRAPH