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| Tekijä: | Nathan, K. S. Okeefe, T. B. |
| Otsikko: | The rise in takeover premiums: An explanatory study |
| Lehti: | Journal of Financial Economics
1989 : JUN, VOL. 23:1, p. 101-120 |
| Asiasana: | MERGERS CASH MANAGEMENT TENDER OFFERS MARKETS |
| Kieli: | eng |
| Tiivistelmä: | Cash tender, cash merger, and stock merger takeover premiums for 1974-1985 are approximately double those for 1963-1973. Cash tender repurchase premiums also rose in 1974. The shift in both takeover and repurchase premiums in 1973-1974 is consistent with some events not unique to the takeover market affecting the capital markets in 1973-1974. The possible effect on takeover premiums of the Williams Act passed in 1968 is also investigated and it is concluded that it does not explain the premium increase. A comparison of the time series of premiums across countries is suggested as the subject of future research. |
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