Institutional trading in firms rumored to be takeover targets
Abstract
In this paper we examine institutional trading in proximity to takeover rumors by combining the ANcerno dataset of transaction-level institutional trades with a unique sample of takeover rumor ‘scoops’. We find that institutions are net buyers in firms which subsequently become subject to takeover speculation and that institutional trading predicts which rumored firms will eventually receive takeover bids. Segregating funds according to their...
Paper Details
Title
Institutional trading in firms rumored to be takeover targets
Published Date
Feb 1, 2021
Journal
Volume
66
Pages
101797 - 101797
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