By Friedel Drees
Friedel Drees examines the capital markets? response to the bulletins of minority fairness purchases in Europe and the U.S. and identifies the capability assets of worth construction. He indicates that company-specific features may have an important impression on shareholder price.
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Additional resources for Motives for and Consequences of Minority Equity Purchases
Since we do not want to address the complex process of voting rights disclosure in this context, we refer to Becht and Böhmer (2003) who discuss several transparency issues that arise from the current legal provisions covering the disclosure of control rights. 2 Determinants of Abnormal Returns We design four regression models to determine the drivers of the observed wealth effects to target shareholders. 11 Table 2-6 summarizes design and results for the four regression models. All test statistics are computed using White’s heteroskedasticity-consistent covariance matrix (White (1980)).
Only a few studies take into account potential differences in the type of investor by explicitly differentiating between corporate purchasers and other types of acquirers. For example, Shome and Singh (1995) analyze 96 block purchases made between 1984 and 1986. They report significantly higher abnormal returns when the block purchaser is a corporation compared to block purchases by individuals. They attribute this finding to the potential for market power and future synergy gains. However, the limited number of 17 Although the European competition law provides a specific regulatory regime in case of minority shareholdings leading to collusion or de-facto control, cases that fall short of collusion or control may not be covered comprehensively as the existing regulatory instruments do not address the full range of potential anticompetitive effects of minority investments.
Consequently, 45 we expect a positive impact on shareholder wealth for both the acquirer and the target if the target operates in a high-tech industry. In order to classify industries according to their R&D intensity, we use the classification scheme of Hecker (1999). 20 We assign a dummy variable that is set to the value of one if the target company operates in a high-technology industry. Apart from the R&D intensity, also the regulatory environment of the specific industry may play a role with regard to value creation.
Motives for and Consequences of Minority Equity Purchases by Friedel Drees