We estimate sequentially outcome probabilities and expected payoffs associated with first,
second, and final bids in a large sample of tender offer contests. Rival bids arrive quickly …

The substantial control premium typically observed in corporate takeovers makes a
compelling case for acquiring target shares (a toehold) in the market prior to launching a bid …

Conventional techniques of estimating takeover value improvements measure only a
fraction of the total gain and include revelation about bidder stand-alone value. To address …

This article demonstrates that a potential acquirer with a toehold bids aggressively and
possibly overpays in equilibrium. The aggressiveness of a bidder with a toehold increases …

Do preoffer target stock price runups increase bidder takeover costs? We present model‐
based tests of this issue assuming runups are caused by signals that inform investors about …

We test several hypotheses on how takeover premium is related to investors' divergence of
opinion on a target's equity value. We show that the total takeover premium, the pre …

Target firms often face bidders that are not equally well informed, which reduces
competition, because bidders with less information fear the winner's curse more. We analyze …

Conventional wisdom suggests that lockup options are granted by self-interested target
managers to discourage competition and hand-select an acquirer, thus harming target …

The development and integration of financial markets is at the forefront of academic and
policy debates around the world. Nowhere is this more in evidence than in Europe where …

Ce manuel propose une approche pluridisciplinaire des fusions et acquisitions. Cette 4e
édition, entièrement réactualisée, met l'accent sur les étapes critiques d'un processus de …