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ToolsBriston, R. J., Mallin, C. A. and Saadouni, B. (1995) Management buyout announcements and securities returns in the UK: An analysis for the period 1981-1991. Journal of Applied Financial Economics, 5 (4). pp. 243-250.
Full text not available from this repository. (Request a copy)Abstract
The response of security prices to management buyout (MBO) announcements for the period 1981-91 is examined. Investigations for any size effect in relation to the MBOs, and analyses of the impact of management buyout announcements both before and after the 1987 stock market break are also made. MBO divestments in the UK over the period 1981-91 are generally associated with negative abnormal returns, most of this abnormal return arising on the announcement date. It is found that there is a negative relationship between the size of the divested unit and the excess returns experienced by existing shareholders, and that, on average, the 1987 stock market break had a positive effect on shareholders' wealth with respect to MBO divestments.
| Item Type: | Article |
|---|---|
| Faculty \ School: | Faculty of Social Sciences > Norwich Business School |
| UEA Research Groups: | Faculty of Social Sciences > Research Groups > Accounting, Finance and Governance (former - to 2017) |
| Depositing User: | Elle Green |
| Date Deposited: | 10 Sep 2012 10:02 |
| Last Modified: | 04 Mar 2024 16:48 |
| URI: | https://ueaeprints.uea.ac.uk/id/eprint/39502 |
| DOI: | 10.1080/758536874 |
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