| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15551 |
| 来源ID | Working Paper 15551 |
| A Reference Point Theory of Mergers and Acquisitions | |
| Malcolm Baker; Xin Pan; Jeffrey Wurgler | |
| 发表日期 | 2009-12-03 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the 52-week high, a highly salient but largely irrelevant past price, and the modal offer price is exactly that reference price. An offer's probability of acceptance discontinuously increases when the offer exceeds the 52-week high; conversely, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur when high recent returns on the stock market and on likely targets make it easier for bidders to offer the 52-week high. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w15551 |
| 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/573227 |
| 推荐引用方式 GB/T 7714 | Malcolm Baker,Xin Pan,Jeffrey Wurgler. A Reference Point Theory of Mergers and Acquisitions. 2009. |
| 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 | ||
| w15551.pdf（376KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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