The Equity Wealth Effects of Method of Payment in Takeover Bids for Privately Held Firms PDF Download
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Author: Raymond da Silva Rosa
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Book Description
The equity wealth effects of method of payment in takeover bids for privately held firms In takeover bids for unlisted firms, the typically more closely knit target shareholders have the bargaining power and incentive to force the bidder's managers to disclose their private information about the value of their firm's shares. The acceptance of share-based offers by private target shareholders thus conveys favourable information about the net present value of the takeover, unlike the case in share based bids for listed targets. We document that successful bids for private targets are associated with significantly positive abnormal returns to bidders over the announcement period, a result that diverges from findings based on bids for public targets. Contrary to Chang (1998), share based bids for Australian private targets are not associated with higher abnormal returns to bidders. However, most bids by listed companies for private companies are cash based and these generate a positive return. Our results are consistent with the explanation that lower competition for private targets allows acquirers to capture more of the economic rent from takeovers by offering cash bids.
Author: Raymond da Silva Rosa
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Book Description
The equity wealth effects of method of payment in takeover bids for privately held firms In takeover bids for unlisted firms, the typically more closely knit target shareholders have the bargaining power and incentive to force the bidder's managers to disclose their private information about the value of their firm's shares. The acceptance of share-based offers by private target shareholders thus conveys favourable information about the net present value of the takeover, unlike the case in share based bids for listed targets. We document that successful bids for private targets are associated with significantly positive abnormal returns to bidders over the announcement period, a result that diverges from findings based on bids for public targets. Contrary to Chang (1998), share based bids for Australian private targets are not associated with higher abnormal returns to bidders. However, most bids by listed companies for private companies are cash based and these generate a positive return. Our results are consistent with the explanation that lower competition for private targets allows acquirers to capture more of the economic rent from takeovers by offering cash bids.
Author: Alan J. Auerbach
Publisher: University of Chicago Press
ISBN: 0226032167
Category : Business & Economics
Languages : en
Pages : 354
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Book Description
The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.
Author:
Publisher:
ISBN:
Category : Law reviews
Languages : en
Pages : 972
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Book Description
Author: Adrian R. Bell
Publisher: Edward Elgar Publishing
ISBN: 0857936093
Category : Business & Economics
Languages : en
Pages : 494
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Book Description
This impressive Handbook presents the quantitative techniques that are commonly employed in empirical finance research together with real-world, state-of-the-art research examples. Written by international experts in their field, the unique approach describes a question or issue in finance and then demonstrates the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake, and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered. The Handbook is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.
Author: Cheng-Few Lee
Publisher: Springer Science & Business Media
ISBN: 0387771174
Category : Business & Economics
Languages : en
Pages : 1700
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Book Description
Quantitative finance is a combination of economics, accounting, statistics, econometrics, mathematics, stochastic process, and computer science and technology. Increasingly, the tools of financial analysis are being applied to assess, monitor, and mitigate risk, especially in the context of globalization, market volatility, and economic crisis. This two-volume handbook, comprised of over 100 chapters, is the most comprehensive resource in the field to date, integrating the most current theory, methodology, policy, and practical applications. Showcasing contributions from an international array of experts, the Handbook of Quantitative Finance and Risk Management is unparalleled in the breadth and depth of its coverage. Volume 1 presents an overview of quantitative finance and risk management research, covering the essential theories, policies, and empirical methodologies used in the field. Chapters provide in-depth discussion of portfolio theory and investment analysis. Volume 2 covers options and option pricing theory and risk management. Volume 3 presents a wide variety of models and analytical tools. Throughout, the handbook offers illustrative case examples, worked equations, and extensive references; additional features include chapter abstracts, keywords, and author and subject indices. From "arbitrage" to "yield spreads," the Handbook of Quantitative Finance and Risk Management will serve as an essential resource for academics, educators, students, policymakers, and practitioners.
Author: Bjørn Espen Eckbo
Publisher: Academic Press
ISBN: 0123847451
Category : Business & Economics
Languages : en
Pages : 863
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Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. - Provides a status report about modern scientific evidence on corporate takeovers - Exposes students to new methods and empirical evidence while reading high quality primary material - Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 1118030354
Category : Business & Economics
Languages : en
Pages : 612
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Book Description
The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Author:
Publisher:
ISBN: 9780852588666
Category : Consolidation and merger of corporations
Languages : en
Pages :
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Book Description
Author: Constantin Zopounidis
Publisher: Springer Science & Business Media
ISBN: 0387766820
Category : Business & Economics
Languages : en
Pages : 494
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Book Description
This comprehensive handbook discusses the most recent advances within the field of financial engineering, focusing not only on the description of the existing areas in financial engineering research, but also on the new methodologies that have been developed for modeling and addressing financial engineering problems. The book is intended for financial engineers, researchers, applied mathematicians, and graduate students interested in real-world applications to financial engineering.
Author:
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 312
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Book Description
