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编辑：黄林凡 审核：陆堇
Institutional Trading Around M&A Announcements
working paper ,2018
Eliezer Fich，Drexel University
Viktoriya Lantushenko，St. Joseph’s University
Clemens Sialm，University of Texas at Austin and NBER
Abstract
Takeover targets often experience substantial share price appreciations during
merger and acquisition (M&A) announcements. We analyze mutual fund and hedge
fund holdings around takeover announcements to assess whether these investors benefit
from these announcements. Whereas mutual funds generally reduce their exposures
to takeover candidates before M&A announcements, hedge funds tend to increase
their holdings of takeover targets in the quarters prior to the announcements. These
results suggest that mutual funds in the aggregate forgo profitable opportunities by
prematurely liquidating their holdings of subsequent takeover targets. Conversely,
hedge funds appear to accumulate equity in target firms prior to M&A announcements
and therefore reap large profits during these transactions.
原文链接：
https://www1.villanova.edu/content/dam/villanova/VSB/undergrad/institutional-trading-around-m-a-announcements.pdf
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