| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8439 |
| 来源ID | Working Paper 8439 |
| Stock Market Driven Acquisitions | |
| Andrei Shleifer; Robert W. Vishny | |
| 发表日期 | 2001-08-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms, the horizons of their respective managers, and the market's perception of the synergies from the combination. The model explains who acquirers whom, whether the medium of payment is cash or stock, what are the valuation consequences of mergers, and why there are merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms, and yields new predictions as well. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w8439 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566042 |
| 推荐引用方式 GB/T 7714 | Andrei Shleifer,Robert W. Vishny. Stock Market Driven Acquisitions. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8439.pdf（98KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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