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 …

We examine the determinants of voluntary synergy disclosure by target companies during takeover bids. The sample … contains 124 French takeover bids between 1999 and 2011. The variables assumed to influence the targets' synergy disclosure are …

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

This paper analyzes the law and economics of insider trading in the context of takeover bids, focusing on the European …

possess information about future takeover activity and if they have such information, whether they trade opportunistically on … it. The results show increased purchases by substantial shareholders close to a takeover announcement where these trades … different types of substantial shareholders indicates that institutional shareholder trades are better indicators of takeover …

with equity only if they lack access to competitive financing. This leads to underbidding and lower takeover premiums …