haku: @author Servaes, H. / yhteensä: 12
viite: 11 / 12
| Tekijä: | Servaes, H. |
| Otsikko: | Tobin's Q and the gains from takeovers |
| Lehti: | Journal of Finance
1991 : MAR, VOL. 46:1, p. 409-419 |
| Asiasana: | MERGERS TENDER OFFERS RETURN ON INVESTMENT |
| Kieli: | eng |
| Tiivistelmä: | The relation between takeover gains and the q ratios of targets and bidders is analyzed for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. The relation is strengthened after controlling for the characteristics of the offer and the contest. This evidence confirms the results of the work by Lang , Stulz, and Walking and shows that their findings also hold for mergers and after controlling for other determinants of takeover gains. |
SCIMA