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    Corporate Inversions and Long-Run Performance

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    Author
    Warraich, Hamza
    Keyword
    Corporate Tax
    Corporate Inversion
    Tax Avoidance
    
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    URI
    http://hdl.handle.net/10464/10434
    Abstract
    This paper investigates the short-term and long-term stock performance of firms that undergo corporate inversions. The results show that the market response to the initial inversion announcement differs based on the type of inversion. Merger & Acquisition (M&A) and restructuring inversions are perceived positively by the market, but naked inversions do not generate a price response. Furthermore, acquirers in inversion-related M&A transactions generate a price premium that is in excess of what is typically generated by acquirers in non-inversion M&A. In the long-run, firms that invert through naked and M&A inversions do not generate significant excess returns above the S&P 500. In contrast, restructured inverted firms generate significant excess returns of 214.53%. Collectively, however, the results suggest that corporate inversion alone is not an indicator of future stock returns.
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