ScholarWorks@숙명여자대학교

초록

This paper examines the announcement effect of block acquisitions of foreign investors on firm value and the differences in market responses by the type of the purpose of acquisition using the event study methodology. Die results show that the disclosures of foreign investors' block acquisitions do not significantly influence market value of target firms in general, But, for the disclosure that the purpose of an acquisition is for influencing corporate policy. We find positive and significant CARs around the announcement date. Oil the other hand, CARs are not significant at all for disclosures in which the purpose of acquisition is for investment only. In addition, excess financial resources, ownership of existing outside blockholders, and firm size are found to influence on the choice of the purpose of acquisition announced it the disclosure whether foreign investors have the intention of influencing corporate policy or not.

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