NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Viktoriya Lantushenko

Saint Joseph's University
Haub School of Business
5600 City Avenue
Philadelphia, PA 19131

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: St. Joseph's University

NBER Working Papers and Publications

May 2019Institutional Trading Around M&A Announcements
with Eliezer Fich, Clemens Sialm: w25814
Takeover targets often experience substantial share price appreciations around public announcements of mergers and acquisitions. We analyze hedge fund and mutual fund holdings around takeover announcements to assess the differences in investment strategies across institutions. Our results indicate that hedge funds in the aggregate increase their holdings of soon-to-be takeover targets by 7.2% during the quarter prior to the public announcement. Conversely, mutual funds reduce their equity holdings in impending targets by 3.0% during the quarter before M&A announcements and therefore potentially forgo profitable investment opportunities.
 
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