Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002
the liquidation recovery and the final going-concern auction premium are observable, the overbidding theory is testable …. We perform a large-sample, cross-sectional analysis where overbidding is pitched against asset fire-sale arguments. The … overbidding but provides little support for asset fire-sale arguments. …