Journal ArticleDOI
Bidding strategies and takeover premiums: A review ☆
TLDR
In this article, the authors review recent empirical research documenting offer premiums and bidding strategies in corporate takeovers, ranging from optimal auction bidding to the choice of deal payment form and premium effects of poison pills.Citations
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Post-Merger Restructuring and the Boundaries of the Firm
TL;DR: In this article, the authors examine how firms redraw their boundaries after acquisitions using plant-level data and find that there is extensive restructuring in a short period following mergers and full-firm acquisitions.
Journal ArticleDOI
Post-Merger Restructuring and the Boundaries of the Firm
TL;DR: In this article, the authors examine how firms redraw their boundaries after acquisitions using plant-level data and find that there is extensive restructuring in a short period following mergers and full-firm acquisitions.
Journal ArticleDOI
Serial Acquirer Bidding: An Empirical Test of the Learning Hypothesis
TL;DR: In this article, a dynamic framework reveals that both rational and hubristic CEOs take on average investor reactions to their previous deals into account and adjust their bidding behavior accordingly, consistent with a learning hypothesis.
Journal ArticleDOI
Corporate life cycle and M&A activity
Sian Owen,Alfred Yawson +1 more
TL;DR: In this article, the authors investigate the impact of corporate life cycle on takeover activity from the perspective of acquiring firms using the earned/contributed capital mix as the proxy for firm life cycle.
Journal ArticleDOI
Negotiations under the threat of an auction
TL;DR: In this article, the authors study two countervailing influences: (1) potential but unobserved latent competition, i.e., the likelihood that rival bidders could appear, and (2) anticipated auction costs when negotiations fail.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Posted Content
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
TL;DR: In this paper, the benefits of debt in reducing agency costs of free cash flows, how debt can substitute for dividends, why diversification programs are more likely to generate losses than takeovers or expansion in the same line of business or liquidationmotivated takeovers, and why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil.
Journal ArticleDOI
Corporate financing and investment decisions when firms have information that investors do not have
TL;DR: In this paper, a firm that must issue common stock to raise cash to undertake a valuable investment opportunity is considered, and an equilibrium model of the issue-invest decision is developed under these assumptions.
Journal ArticleDOI
Determinants of corporate borrowing
TL;DR: In this article, the authors predict that corporate borrowing is inversely related to the proportion of market value accounted for by real options and rationalize other aspects of corporate borrowing behavior, such as the practice of matching maturities of assets and debt liabilities.
Book
The Modern Corporation and Private Property
TL;DR: Weidenbaum and Jensen as mentioned in this paper reviewed the impact of developments not fully anticipated by Berle and Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation.