| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2048 |
| DP2048 Technology, Transfer and Spillovers: Does Local Participation With Multinationals Matter? | |
| Magnus Blomström; Fredrik Sjöholm | |
| 发表日期 | 1998-12-18 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | The paper studies the role of risk arbitrage in takeover contests. We show that arbitrageurs have an incentive to accumulate non-trivial stakes in a company target of a takeover. For each arbitrageur, the knowledge of his own presence (and that he will tender a positive fraction of his shares) is an informational advantage which guarantees that there is a scope for trade with the other shareholders. In equilibrium, the number of arbitrageurs buying shares and the number of shares they buy are determined endogenously. The paper also presents a range of empirical implications, including the relationship between trading volume, takeover premium, bidder's toehold, liquidity of the shares and the probability that the takeover will succeed. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Arbitrage Corporate control Mergers |
| URL | https://cepr.org/publications/dp2048 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531173 |
| 推荐引用方式 GB/T 7714 | Magnus Blomström,Fredrik Sjöholm. DP2048 Technology, Transfer and Spillovers: Does Local Participation With Multinationals Matter?. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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