Stock market driven acquisitions

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Stock market driven acquisitions

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dc.contributor.author Shleifer, Andrei
dc.contributor.author Vishny, Robert W.
dc.date.accessioned 2017-03-09T16:36:04Z
dc.date.issued 2003
dc.identifier.citation Shleifer, Andrei, and Robert W. Vishny. 2003. Stock Market Driven Acquisitions. Journal of Financial Economics 70, no. 3: 295–311. doi:10.1016/s0304-405x(03)00211-3. en_US
dc.identifier.issn 0304-405X en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:30748164
dc.description.abstract 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 and the market’s perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms, and yields new predictions as well. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher Elsevier BV en_US
dc.relation.isversionof doi:10.1016/S0304-405X(03)00211-3 en_US
dash.license LAA
dc.subject takeover en_US
dc.subject synergy en_US
dc.subject merger en_US
dc.title Stock market driven acquisitions en_US
dc.type Journal Article en_US
dc.description.version Accepted Manuscript en_US
dc.relation.journal Journal of Financial Economics en_US
dash.depositing.author Shleifer, Andrei
dc.date.available 2017-03-09T16:36:04Z

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