Does Investor Misvaluation Drive The Takeover Market ?  

Oleh:

Hirshleifer, David ; Richardson, Scott ; Siew, Hong Teoh ; Ming, Dong

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 2 (Apr. 2006), page 725-762.
Topik: valuation; valuation; theory; acquisitions & mergers; studies
Fulltext: p 725.pdf (250.36KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper uses pre - offer market valuations to evaluate the misvaluation and Q theories of takeovers. Bidder and target valuations (price to book, or price to redisual income model value) are related to means of payment, mode of acquisition, premia, target hostility, offer success and bidder and target announcement period returns. The evidence is broadly consistent with both hypotheses. The evidence for the Q hypothesis is stronger in the pre - 1990 period than in the 1990 - 2000 period, whereas the evidence for the misvaluation hypothesis is stronger in the 1990 - 2000 period than in the pre - 1990 period.

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