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This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …
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the takeover process by reducing the information asymmetry. Using a dynamic real options approach to compare the takeover …
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"It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely...
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Frontmatter -- CONTENTS -- LIST OF FIGURES -- LIST OF TABLES -- PREFACE -- CHAPTER 1. LEARNING TO SEE, TO ADAPT TO, AND TO VALUE UNCERTAINTY -- PART I. LEARNING TO SEE UNCERTAINTY -- CHAPTER 2. HOW TO DE-BIAS VALUATION OVER THE CYCLE -- CHAPTER 3. PLAYING AT SERIAL ACQUISITIONS: THE CASE OF...
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