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Caskey, Judson - 2012

This study examines how institutional investors' cost bases impact takeover offer prices and the likelihood of deal …

Persistent link: https://www.econbiz.de/10013107923

Preemptive bidding, target resistance, and takeover premiums

Dimopoulos, Theodosios; Sacchetto, Stefano - 2011

This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …

Persistent link: https://www.econbiz.de/10009375142

The deterring role of the medium of payment in takeover contests : theory and evidence from the UK

Cornu, Philippe; Isakov, Dušan - In: European financial management : the journal of the … 6 (2000) 4, pp. 423-440

Persistent link: https://www.econbiz.de/10001531922

The deterring role of the medium of payment in takeover contests :. theory and evidence from the U.K.

Cornu, Philippe - 1998

Persistent link: https://www.econbiz.de/10001426489

Does Information Production Explain Bidder Liquidity after Takeovers?

Lei, Adam Y.C. - 2019

Information produced in the takeover process and changes in firm characteristics could both affect bidder liquidity … information production than successful bidders during the takeover process, but only successful bidders enjoy significant … liquidity improvements after their takeovers. Whether a takeover is successful or not generally does not have a significant …

Persistent link: https://www.econbiz.de/10012903757

Serial Acquirer Bidding : An Empirical Test of the Learning Hypothesis

Aktas, Nihat - 2010

Recent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal to deal in acquisitions programs. Does this pattern suggest hubristic CEO behaviors are significant enough to influence average CAR patterns during acquisitions programs? An alternative...

Persistent link: https://www.econbiz.de/10013150703

Split-Award Procurement Auctions with Uncertain Scale Economies : Theory and Data

Anton, James J. - 2010

In a number of observed procurements, the buyer has employed an auction format that allows for a split-award outcome. We focus on settings where the range of uncertainty regarding scale economies is large and, depending on cost realizations, the efficient allocations include split-award outcomes...

Persistent link: https://www.econbiz.de/10013144802

Information and Competition in U.S. Forest Service Timber Auctions

Athey, Susan; Levin, Jonathan - 2013

This paper studies the bidding behavior of firms in U.S. Forest Service timber auctions in 1976--1990. When conducting timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and each bidder additionally has an opportunity to inspect...

Persistent link: https://www.econbiz.de/10014038312

Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing

Chou, Hsin-I - 2011

analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

Persistent link: https://www.econbiz.de/10013133068

No News Is News : Do Markets Underreact to Nothing?

Giglio, Stefano - 2014

As illustrated in the tale of “the dog that did not bark,” the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time...

Persistent link: https://www.econbiz.de/10013065551