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Cited by 811

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Markup pricing in mergers and acquisitions

Open access
Schwert, G.William·1996·Journal of Financial Economics
DOI 10.1016/0304-405x(95)00865-c
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Abstract

This paper studies the relation between the premiums in takeover bids involving exchange-listed target firms from 1975-91 and the pre-announcement stock price runups. The evidence shows that the pre-bid runup and the post-announcement increase in the target's stock price (the ‘markup’) are generally uncorrelated. With little substitution between the runup and the markup, the runup is an added cost to the bidder. This finding has important implications for assessing the costs of insider trading. It also raises interesting questions about the role of information from public capital markets in private takeover negotiations.

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Metadata

Authors
Schwert, G. W.
Venue
Journal of Financial Economics
Publisher
Elsevier BV
Published
1996-06
Volume
41
Issue
2
Pages
153-192
ISSN
0304-405X (ISSN-L)
DOI
10.1016/0304-405x(95)00865-c
OpenAlex
W2123622965
Cited by
811
References
3
FWCI
32.65
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: Markup pricing in mergers and acquisitions. https://app.cochat.ai/papers/10.1016/0304-405x(95)00865-c
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Schwert, G. W. (1996). Markup pricing in mergers and acquisitions. Journal of Financial Economics. https://doi.org/10.1016/0304-405x(95)00865-c

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.