MANAGEMENT BUYOUTS AND TAKEOVERS: A COMPARATIVE EMPIRICAL ANALYSIS (BUYOUTS).
Auteur : A. ARUN KUMAR
Date de publication : 1992
Éditeur : University of MICHIGAN
Nombre de pages : 154
Résumé du livre
Tests of the implications of the private and common value models regarding (i) preemptive bidding, (ii) the relation between total gains and the number of bidders and (iii) winner's curse are also conducted. High takeover bids deter competition from other bidders while high MBO bids do not. This suggests private values in takeovers but not in MBOs. Wealth gains in multiple bidder takeover contests, however, are not different from gains in single bidder contests rejecting the private values hypothesis.