This paper uses a multinomial framework to develop several takeover prediction models. The motivation for this approach …, in which takeover targets are treated as belonging to one homogenous group, differences between hostile and friendly … targets are ignored. This may result in biased takeover probabilities and poor predictive performance. Using UK data, the …

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in … predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully …

more likely to become a takeover target and offer premium and acquirers’ announcement returns are positively associated …’ takeover likelihood generates economically significant returns. Our results are robust to a battery of additional analysis, and … useful for participants in the corporate takeover markets …

predict long-term gains to the acquirers. In order to predict long-term takeover performance, we apply textual analysis to the … reveal that a negative managerial tone has a strong negative association with takeover performance, whereas a positive … managerial tone indicates managerial confidence in merger success, and hence reflects an enhanced takeover performance over an …