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We examine the post-acquisition operating performance of

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This paper measures the effects on stock prices of corporate Investments In 5% or more of another company's equity securities. Such investments Initiate a process that may end with a takeover, targeted repurchase, takeover by a third party, or sale of the shares. The total valuation effect of the investment for acquiring and target firms Includes returns at disclosure of the investment position, the outcome announcement, and related intervening events. For example, the positive return for target firms at initial disclosure of the investment more than offsets the negative return at the targeted repurchase .-1-1.