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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
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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
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Does asymmetric information affect the premium in mergers and acquisitions?
Dionne, Georges; La Haye, Mélissa; Bergerès, Anne-Sophie - In: The Canadian journal of economics 48 (2015) 3, pp. 819-852
Persistent link: https://www.econbiz.de/10011568563
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Mergers and acquisitions : determining the bid premium and the medium of payment
Cornu, Philippe - 1999
Persistent link: https://www.econbiz.de/10001480445
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Do prices reveal the presence of informed trading?
Collin-Dufresne, Pierre; Fos, Vyacheslav - 2012
Persistent link: https://www.econbiz.de/10009666639
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Anticipating Takeovers and their Payment Methods : A New Approach Using U.S. Acquisitions
Irani, Mohammad (Vahid) - 2017
takeover studies. Previous findings report that the return correlation (as a proxy of the relatedness) of merging firms is one … explanatory power when I control for the anticipation effects. The evidence indicates that the likelihood of a takeover being …
Persistent link: https://www.econbiz.de/10012973027
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The use of warrants in mergers and acquisitions
Redor, Etienne - In: International corporate governance, (pp. 65-86). 2011
Persistent link: https://www.econbiz.de/10009245265
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Why Are Bidder Termination Provisions Included In Takeovers?
Chen, Zhiyao - 2020
takeover gains. The provision's inclusion can create value by enabling termination when the target becomes less valuable to the …
Persistent link: https://www.econbiz.de/10012857211
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What drives bidder cash reserve effects in acquisitions : agency conflicts or precautionary motive?
Gao, Ning - 2011
A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...
Persistent link: https://www.econbiz.de/10009411429
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Acquiring intangible resources through M&As : exploring differences between public and private targets
Shen, Jung-Chin (contributor); Capron, Laurence (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001826326