Takeovers

THE NEW PALGRAVE DICTIONARY OF MONEY AND FINANCE, 1993

Posted: 5 Oct 2008 Last revised: 29 Sep 2009

See all articles by David A. Hirshleifer

David A. Hirshleifer

University of California, Irvine - Paul Merage School of Business; NBER

Date Written: 1993

Abstract

This essay reviews a number of issues about takeovers, including the reasons for and the consequences of takeovers, the pitfalls in estimating takeover gains, the effects of different takeover mechanisms, that of managerial resistance and the means of payments, and the role of debt and managerial share ownership. It explains the average high stock returns of the targets and low returns of the bidders during the transaction period in the U.S. takeover market. It also analyzes the wealth distribution between different stakeholders and the effects of the regulation during the takeover process on the outcome of the takeover. (Abstract by Danling Jiang and David Hirshleifer)

Suggested Citation

Hirshleifer, David A., Takeovers (1993). THE NEW PALGRAVE DICTIONARY OF MONEY AND FINANCE, 1993. Available at SSRN: https://ssrn.com/abstract=1278629

David A. Hirshleifer (Contact Author)

University of California, Irvine - Paul Merage School of Business ( email )

Irvine, CA California 92697-3125
United States

HOME PAGE: http://sites.uci.edu/dhirshle/

NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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