Stock market driven acquisitions

• 成果类型: Article
• 署名作者: Shleifer, A; Vishny, RW
• 署名单位: Harvard University; University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(03)00211-3
• 发表日期: 2003
• 页码: 295-311
• 关键词: TAKEOVER; synergy; merger

摘要

We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms and the market's perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms, and yields new predictions as well. (C) 2003 Elsevier B.V. All rights reserved.