haku: @author Caves, R. E. / yhteensä: 18
viite: 4 / 18
| Tekijä: | Slusky, A. R. Caves, R. E. |
| Otsikko: | Synergy, agency, and the determinants of premia paid in mergers. |
| Lehti: | Journal of Industrial Economics
1991 : MAR, VOL. 39:3, p. 277-296 |
| Asiasana: | MERGERS ASSETS USA EMPIRICAL RESEARCH ECONOMETRIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | Hypotheses about the creation of value be mergers are tested on premia paid in a sample of 100 recent acquisitions. The premia increase with financial although not with real synergies and with the scope for "managerial" behaviour in the target firms. The acquirers' willingness to pay also increases with their scope for managerial behaviour. The presence of either actual and potential rival bidders has a powerful effect, and it is confirmed that market gains or losses to acquirers' shareholders do not distort the associations between acquisition premia and sources of value. This analysis is of interest both methodologically and from the point of view of substantive policy implications. Many, previously unrecognized data sources are listed. |
SCIMA