Weitzel, Utz; Kling, Gerhard - Volkswirtschaftliche Fakultät, … - 2012
In our sample of 1,937 US mergers (1995 to 2011), 8.4 percent of all targets received oers with negative premiums where … negative premiums. Empirical tests provide substantial support for overvaluation and hidden earnouts, but only weak support for … market liquidity. Moreover, we show that the theory for negative premiums generalizes to positive premiums and predicts lower …