Risks and Returns of Acquiring and Acquired Firms in Singapore: An Empirical Analysis
This paper investigates the risk profiles of target and acquiring firms and the impact of the takeover process on them. It was found that corporate takeovers generally increased the systematic risk of the acquiring firms after the event while lowering the systematic risk of the target firms. There were large and statistically significant returns obtained by the shareholders of the target firms due to the takeover event. The shareholders of the acquiring firms did not suffer any negative returns.
Asia-Pacific Journal of Management
KOH, Francis and LEE, Soo-Hoon.
Risks and Returns of Acquiring and Acquired Firms in Singapore: An Empirical Analysis. (1998). Asia-Pacific Journal of Management. 5, (3), 157-168. Research Collection Lee Kong Chian School Of Business.
Available at: http://ink.library.smu.edu.sg/lkcsb_research/2224