Does investor misvaluation drive the takeover market?

• 成果类型: Article
• 署名作者: Dong, M; Hirshleifer, D; Richardson, S; Teoh, SH
• 署名单位: York University - Canada; University System of Ohio; Ohio State University; University of Pennsylvania
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2006.00853.x
• 发表日期: 2006
• 页码: 725-762
• 关键词: earnings management; tender offers; stock returns; TOBINS-Q; equity; performance; decisions; gains; FIRMS; RISK

摘要

This paper uses pre-offer market valuations to evaluate the misvaluation and Q theories of takeovers. Bidder and target valuations (price-to-book, or price-to-residual-income-model-value) are related to means of payment, mode of acquisition, premia, target hostility, offer success, and bidder and target announcement-period returns. The evidence is broadly consistent with both hypotheses. The evidence for the Q hypothesis is stronger in the pre-1990 period than in the 1990-2000 period, whereas the evidence for the misvaluation hypothesis is stronger in the 1990-2000 period than in the pre-1990 period.