Are takeover targets undervalued?: an empirical examination of the financial characteristics of target companies
Investor Responsibility Research Center, 1985 - Business & Economics - 39 pages
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AN EMPIRICAL EXAMINATION OF THE FINANCIAL CHARACTERISTICS
Are Takeover Targets Cheap?
Balance Sheets Leverage and Undervaluation
2 other sections not shown
Acquired Stayed Separate acquiring firm ANOVA argue assets balance sheets bidding firm capital expenditures cash flow commitment to long-term Control Friendly Hostile corporation corporation's current management determine whether takeover Earnings Growth earnings performance economic performance efficient markets theory evidence examination fact financial characteristics firm's Firms Targets Acquired four samples Friendly Acq group of firms groups of takeover hence hostile raids Industries investors long-term activities long-term planning long-term strategy low P/E measure overall P/E ratios performance of target potential Price/Book Ratios price/sales ratios Ratios for Takeover relative valuation resisted takeover return on equity revenue growth samples of firms sampling criteria shareholders short-term earnings short-term performance statistics stock market stock price suggest Table takeover activity Takeover advocates takeover attempt Takeover critics takeover opponents takeover process takeover proponents takeover supporters target corporations target firms Targets Acquired Stayed targets of friendly targets of hostile tend tender offer views of takeover