Market Anticipation of Corporate Takeover and the Acquisition Strategy for the Bidder |
Common terms and phrases
5000 iterations abnormal returns prior acquiring firms Acquisition Strategy Effect acquisition strategy hypothesis ANGELES announcement date announcement effect anticipated prior bidder holds zero BIDDER PRIOR BIDDERS OWNING ZERO CALIFORN cash tender offers coefficients are significant cumulative abnormal returns distribution of simulated Equations firm characteristics following the Act Following the Williams form of payment free-rider problem frequency distribution gain held by bidder higher abnormal returns holds zero shares KURTOSIS less than 50 LIBRARY LOS ANGELES market anticipation hypothesis maximum difference PCAR merger multiple bidder non-cash tender offers null hypothesis open market purchases partial ownership Payment Effect percent cumulative abnormal permutation test prior to announcement PROB>D PROB>ITI Regression Results sample Schedule 13D selection bias STANDARDIZED ABNORMAL RETURN statistic STD MEAN Table 1.C takeover target firms TARGET PRIOR target shareholders target shares prior targets whose bidders trading days prior UNIVERS upcoming event Wall Street Journal Williams Act Z-statistic zero and 50