The dynamics of mergers and acquisitions

• 成果类型: Article
• 署名作者: Morellec, E; Zhdanov, A
• 署名单位: University of Lausanne; Centre for Economic Policy Research - UK; University of Rochester
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2004.10.009
• 发表日期: 2005
• 页码: 649-672
• 关键词: Takeovers; Real options; COMPETITION; learning

摘要

This paper presents a dynamic model of takeovers based on the stock market valuations of merging firms. The model incorporates competition and imperfect information and determines the terms and timing of takeovers by solving option exercise games between bidding and target shareholders. The implications of the model for returns to stockholders are consistent with the available evidence. In addition, the model generates new predictions relating these returns to the drift, volatility and correlation coefficient of the bidder and the target stock returns and to the dispersion of beliefs regarding the benefits of the takeover. (c) 2005 Elsevier B.V. All rights reserved.