Stochastic Volatility,Takeover Threats and Defensive Payout Strategy

摘要：

This paper proposes a dynamic model of the growth firm facing takeover threats stochastically. The formal analysis here focuses on the defensive payout strategy of value-maximizing management under the circumstances of random stock market valuation errors, and the bidders perceived synergistic gains. By borrowing the concept of “hazard rate from reliability theory, the model sheds light on takeover activities and the observed defensive payout phenomenon in the financial markets. It also yields novel testable implications concerning the impact of antitakeover costs on the target firms value over time.

作者: Hu Songhua

作者单位: Dept.of Management Lingnan College, Sun Yat-sen University Guangzhou, China 510275

会议类型: 国际会议

会议名称: International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)

会议地点: 武汉

会议语种:英文

页码: 1-5

在线出版日期: 2011-08-12（万方平台首次上网日期，不代表论文的发表时间）