Does Investor Misvaluation Drive the Takeover Market?

摘要：

This paper documents the relations between firms pre-offer market valuations and takeover behavior, and evaluates their consistency with the Q theory and the misvaluation theory of takeovers. We employ two valuation measures: price/book ratios and ratios of price to residual income model value. Market valuations of bidders and targets influence the means of payment chosen, the mode of acquisition, the premia paid, target hostility to the offer, the likelihood of offer success, and bidder and target announcement period stock 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.

作者: Ming Dong David Hirshleifer Scott Richardson Siew Hong Teoh

作者单位: Schulich School of Business, York University, Toronto, ON M3J 1P3, Canada College of Business, The Ohio State University, Columbus, OH 43210-1144 Wharton School,University of Pennsylvania, Philadelphia, PA 19104-6365

会议类型: 国际会议

会议名称: 2006年中国金融国际年会

会议地点: 西安

会议语种:英文

页码: 1-47

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）