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| Author: | Shleifer, A. Vishny, R. |
| Title: | Stock market driven acquisitions |
| Journal: | Journal of Financial Economics
2003 : DEC, VOL. 70:3, p. 295-311 |
| Index terms: | MERGERS Mergers MERGERS Synergy Stock markets |
| Language: | eng |
| Abstract: | The authors present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms and the market's perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. |
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