Do insiders time management buyouts and freezeouts to buy undervalued targets?

Jarrad Harford; Jared Stanfield; Feng Zhang

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Do insiders time management buyouts and freezeouts to buy undervalued targets?

机译：内部人员是否会通过时间管理买断和冻结买入被低估的目标？

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We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month period following the transaction. These returns are not explained by a battery of risk factors or empirical methodologies, but exhibit significant heterogeneity across deals. Additional tests show that, on average, abnormal returns to industry peers are a reliable proxy for those to the target firm. Further, MBOs and freezeouts are announced during troughs of industry profitability.

机译：我们提供的证据表明，经理和控股股东可以对管理层收购（MBO）和冻结交易进行时间调整，以利用整个行业的低估。交易后的12个月内，MBO和冻结目标的行业同行的投资组合显示每月有大约1％的重要alpha值。这些回报不能通过一系列风险因素或经验方法来解释，但在交易中表现出明显的异质性。额外的测试表明，平均而言，行业同行的异常收益是目标公司的可靠回报。此外，在行业盈利低谷期间宣布了管理层收购和冻结。

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来源
《Journal of financial economics》 |2019年第1期|206-231|共26页
作者
Jarrad Harford; Jared Stanfield; Feng Zhang;
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作者单位

Foster School of Business, University of Washington;

UNSW Business School, University of New South Wales;

David Eccles School of Business, University of Utah;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Management buyouts; Freezeout acquisitions; Market timing; Conflicts of interest;

机译：管理层收购;冻结收购;市场时机;利益冲突;

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Do insiders time management buyouts and freezeouts to buy undervalued targets?

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