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We present a competitive model of takeovers that explains two robust features of the data: target premia and size-dependent bidder returns. Takeovers are driven by complementarity between two factors, non-tradeable "skill" and a tradeable "project". Firms are heterogeneous in both dimensions....
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(in year t) and the interaction of current dividend decision and earnings proposed by D. J. Skinner and E. Soltes (2011 … earnings depends more distinctly on a firm's dividend policy than on the developed markets. …
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constraint returns help explain returns" following initial public offerings and dividend omissions. We find only limited support …
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. Financial constraint returns help explain returnsquot; following initial public offerings and dividend omissions. We find only …
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