| 000 -LEADER |
|---|
| fixed length control field |
01659nam a22001937a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
190312b xxu||||| |||| 00| 0 eng d |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
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| International Standard Serial Number |
0304-405X |
| 952 ## - LOCATION AND ITEM INFORMATION (KOHA) |
|---|
| -- |
PER |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Are stock-financed takeovers opportunistic? / by B. Espen Eckbo, Tanakorn Makaew, Karin S. Thorburn |
| Statement of responsibility, etc |
B. Espen Eckbo, Tanakorn Makaew, Karin S. Thorburn |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
Amsterdam |
| Name of publisher, distributor, etc |
Elsevier |
| Date of publication, distribution, etc |
June 2018 |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
Pages 443-465 |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
|---|
| Title |
Journal of Financial Economics |
| Volume number/sequential designation |
128 (3) |
| International Standard Serial Number |
0304-405X |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
Abstract
The more the target knows about the bidder, the more difficult is paying the target with overpriced bidder shares. Thus, when bidders are opportunistic, the fraction of stock in the deal payment will be lower for better informed targets. We test this intuitive prediction against the alternative that stock payments primarily reflect bidder concerns with target adverse selection, which implies a greater fraction of stock in the deal payment for better informed targets. Discriminating between these two mutually exclusive and nested predictions requires measures of target information about the bidder but not of market mispricing. We find that public bidders systematically use more stock in the payment when the target knows more about the bidder. Tests exploiting exogenous variation in bidder market-to-book ratios also fail to support bidder opportunism. Finally, greater potential competition from private bidders is associated with greater propensity for public bidders to pay in cash. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Takeover bidding |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Payment method |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Stock payment |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Adverse selection |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
|---|
| Topical term or geographic name as entry element |
Acquirer mispricing |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Source of classification or shelving scheme |
|
| Item type |
Periodicals |