دانلود رایگان مقاله لاتین متغیر دلار در مقابل نرخ از سایت الزویر
عنوان فارسی مقاله:
متغیرها در دلار در مقابل در نرخ: مورد بازخورد بازار در مذاکرات ادغام
عنوان انگلیسی مقاله:
Variables in dollar terms versus in rate terms: The case of market feedback on merger negotiation
برای دانلود رایگان مقاله متغیر دلار در مقابل نرخ اینجا کلیک نمایید.
مقدمه انگلیسی مقاله:
1. Introduction
How do takeover bidders react to the market feedback on merger negotiations? Do they have to pay higher takeover costs if the target stock prices experience substantial pre-offer runups? In a seminal study, Schwert (1996) reports that in a large sample of takeovers, bidding firms markup their offers almost equal to the runups. This finding implies that markup pricing prevails in the competition for corporate control (see also Betton, Espen Eckbo, and Thorburn (2008)). Recently, Betton, Espen Eckbo, Thompson and Thorburn (2014, BETT hereafter) develop an empirically testable model of takeover that permits stock market feedback on takeover rumors.1 The model assumes that the information of takeover negotiations is leaked in the form of rumors which send a signal to the market of the ongoing negotiations. An important insight generated by the model is that takeover rumors or signals reveal the information of “both the deal probability and the deal-specific takeover synergies conditional on a bid.” Rational investors use the signal “to update not only the takeover probability but also the conditional value” of synergies. With this endogenous deal probability, the bidders have different offering strategies depending on whether the market is operating under rational deal anticipation or there is a costly feedback loop in the takeover negotiations. The model predicts that in a linear regression of takeover markup on runup, the slope coef- ficient is greater than −1 under rational deal anticipation. However, the coefficient is strictly positive if there is a costly feedback loop from takeover runup to markup. BETT conducts a thorough and solid empirical analysis to test the two competing hypotheses. Based on the negative slope coefficients of their linear regressions, the authors claim that their empirical results support the hypothesis of rational deal anticipation and reject that of a costly feedback loop. This paper is concerned by the lack of connection between the theory and the empirical tests in BETT. The theoretical predictions made by the takeover model are based on markup and runup in terms of dollar values, whereas the various empirical tests conducted by BETT use the rates of markup and runup. We argue that the relationship between markup and runup in dollar terms is different from that between the rates of markup and runup. To this end, we establish, under the BETT framework, that the slope coefficient of a linear regression of the markup rate against the runup rate can be negative under both the
برای دانلود رایگان مقاله متغیر دلار در مقابل نرخ اینجا کلیک نمایید.
کلمات کلیدی:
Variables in dollar terms versus in rate terms: The case of market ... https://dspace.lboro.ac.uk › ... › Business School › Closed Access (Business School) by HI Chou - 2017 - Related articles Variables in dollar terms versus in rate terms: The case of market feedback on merger negotiations. International Review of Financial Analysis, 49, pp. 138-145. What is the difference between current and constant data? – World ... https://datahelpdesk.worldbank.org › Data Help Desk Data reported in current (or “nominal”) prices for each year are in the value of the ... in World Development Indicators (WDI) show data in "constant" or "real" terms. ... rates for GDP to derive the series for PPP GDP in constant 2011 U.S. dollars. Status of the Nation's Highways, Bridges and Transit: Conditions and ... https://books.google.com/books?isbn=1437931219 Barry Leonard - 2010 ... over time in constant dollar terms and assuming that variable rate user charges are imposed, or by 28.6 percent assuming funding from fixed rate user charges ... Accountants' Handbook, Volume 1: Financial Accounting and General Topics https://books.google.com/books?isbn=0470108924 D. R. Carmichael, O. Ray Whittington, Lynford Graham - 2007 - Business & Economics ... protect against the risk caused by variable prices, costs, rates, or terms that ... Swiss franc may appreciate over the next year compared to the dollar, enters into ... Fixed and Variable Expenses - Encyclopedia - Business Terms | Inc.com https://www.inc.com/encyclopedia/fixed-and-variable-expenses.html Related Terms:Accounting; Bookkeeping; Cost-Benefit Analysis; Economies of Scale ... ... and among those is a designation of fixed expense or variable expense. ... point (the number of units or dollars at which total revenues equal total costs, ...
