Do Appraisal Challenges Benefit Target Shareholders through Narrowing Arbitrage Spread? A Reply
Boone, Audra, Broughman, Brian & Macias, Antonio J.
Abstract
In this reply to Jetley and Huang’s note on arbitrage spread outliers, we present data showing that the analysis of target shareholders’ abnormal returns in our May 2019 article published in the Journal of Law and Economics is not materially impacted by outliers.