Similar Search Results

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

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

Estimating Private Benefits of Control from Stock Price Changes Around the Announcement of Tender Offer Bid (TOB)

Suzuki, Kazunori - 2017

This research analyzes 262 cases of tender offer bid (TOB) in which the acquired companies were expected to remain listed after the deals, from among TOB deals conducted between 1990 and 2011, and estimates the value of private benefits of control in Japan based on the premiums paid relative to...

Persistent link: https://www.econbiz.de/10012941487

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

The role of technology in M&As: a firm-level comparison of cross-border and domestic deals

Frey, Rainer; Hussinger, Katrin - 2006

Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited...

Persistent link: https://www.econbiz.de/10010295834

Did Concentration on Core Competencies Drive Merger and Acquisition Activities in the 1990s? Empirical Evidence for Germany

Hussinger, Katrin - 2005

In the context of increasing globalization of markets, merger and acquisition activities in the 1990s are said to be driven by reorganization processes with respect to concentration on firms? core competencies in order to increase or maintain market power in international markets. This paper...

Persistent link: https://www.econbiz.de/10010297448