haku: @author Boone, A.L. / yhteensä: 1
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| Tekijä: | Boone, A.L. Mulherin, J.H. |
| Otsikko: | Do auctions induce a winner's curse? New evidence from the corporate takeover market |
| Lehti: | Journal of Financial Economics
2008 : JUL, VOL. 89:1, p. 1-19 |
| Asiasana: | auctions negotiation mergers |
| Vapaa asiasana: | acquisitions |
| Kieli: | eng |
| Tiivistelmä: | The winner's curse hypothesis and the competitive market hypothesis are compared as potential explanations for the observed returns to bidders in corporate takeovers (here as: t-o/s). The measure of t-o/s. competition comes from a unique data set on the auction process occuring prior to the announcement of t-o/s. It is empirically estimated that it is controlled for the endogeneity btw. bidder returns and the level of competition in t-o/s. deals. Controlling for endogeneity, it is found that the returns to bidders are not significantly related to t-o/s. competition. It is also found that uncertainty in the value of the target does not reduce bidder returns. |
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