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Toeholds and Takeovers
Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1999
(forthcoming Journal of Political Economy). Part ownership of a takeover target can help a bidder win a takeover …
Persistent link: https://www.econbiz.de/10005076990
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Bidder Asymmetry in Takeover Contests: The Role of Deal Protection Devices
Povel, Paul; Singh, Rajdeep - EconWPA - 2003
We analyze how a takeover contest should optimally be designed. Our key assumption is that not all bidders are equally …
Persistent link: https://www.econbiz.de/10005134836
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Toeholds and Takeovers
Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1996
Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a …
Persistent link: https://www.econbiz.de/10005413099
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The Revealed Preferences of High Technology Acquirers: An Analysis of the Characteristics of their Targets
Dessyllas, Panayotis; Hughes, Alan - EconWPA - 2005
In this paper we investigate the motives of high-tech acquirers by analysing their revealed preferences in terms of the high-tech companies they acquire. Using a large sample of acquisitions involving publicly traded firms from various countries we ask whether high technology acquisitions are...
Persistent link: https://www.econbiz.de/10005412905
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Were the Acquisitive Conglomerates Inefficient?
Klein, Peter G. - EconWPA - 1997
This paper challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event-study evidence that markets typically rewarded diversifying acquisitions. Using new data, I compute industry-adjusted valuation, profitability,...
Persistent link: https://www.econbiz.de/10005412958
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R&D and Patenting Activity and the Propensity to Acquire in High Technology Industries
Dessyllas, Panayotis; Hughes, Alan - EconWPA - 2005
In this paper we investigate the incidence of high technology acquisitions using a large international sample of acquisitions by public high technology firms. Controlling for firms’ financial characteristics, we examine the impact of the following innovation- related factors on the propensity...
Persistent link: https://www.econbiz.de/10005561400
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Innovation and Business Growth through Corporate Venturing in Latin America: Analysis of Strategic Fit
Rajagopal - EconWPA - 2005
Corporate venturing as a strategy for international business development has become significant in view of the process of globalization resulting into the free trade and business development opportunities for multinational companies. This study is based on empirical investigation through...
Persistent link: https://www.econbiz.de/10005076887
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Mergers with Differentiated Products: The Case of Ready-to-Eat Cereal
Nevo, Aviv - EconWPA - 2003
Traditional merger analysis, based on market definition and use of concentration measures to infer potential anti … paper discusses an alternative which consists of a front-end estimation of demand and back-end use of a model of post-merger … conduct to simulate the competitive effects of a merger. I discuss and demonstrate the use of different methods of estimating …
Persistent link: https://www.econbiz.de/10005076966
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Valuing Joint Ventures Using Real Options
Pape, Ulrich; Schmidt-Tank, Stephan - EconWPA - 2005
As the valuation of strategic measures becomes increasingly important, relatively few articles have discussed the valuation methods pertained for joint ventures. This paper shows that real options contribute to a better valuation of joint venture projects through superior reflection of the value...
Persistent link: https://www.econbiz.de/10005077010
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Why Companies Go Private in Emerging Markets? Evidence from Poland
Kowalewski, Oskar; Jackowicz, Krzysztof - EconWPA - 2005
In recent years the number of going private transactions has sharply increased in emerging markets. The purpose of this study is to establish the financial characteristics of companies that have gone private using a dataset comprising of Polish companies. We use a probit model to distinguish the...
Persistent link: https://www.econbiz.de/10005077039