Assessing Competition in the Market for Corporate Acquisitions
Assessing Competition in the Market for Corporate Acquisitions
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In our eReader you can find the full English version of the book. Read Assessing Competition in the Market for Corporate Acquisitions Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Assessing Competition in the Market for Corporate Acquisitions
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If the alternative objective of managerial welfare maximization is assumed, the potential gains for unsuccessful bidders should be less than the gains for successful bidders. The empirical results presented in section 5 are inconsistent with rivalry under stockholder wealth maximization, but are consistent with rivalry under managerial welfare maximization.
- 5 - 2. Defining the Concepts 2. 1 Rivalry under stockholder wealth maximization The first condition of rivalry when the manager's objecti...ve is assumed to be stockholder wealth maximization is that the owners of target firms are only concerned about the offer price; among competing bids for the same target firm, the highest bid is selected. Denoting P. As the price per share offered by firm i, P > P. For i ?^ s and i£N (1) s — 1 where the subscript "s" denotes the successful firm and N is the set of po- tential bidders.
The second component of rivalry incorporates the assumption that the bid- ing firm's management is wealth maximizing; negative net present value offers are not made.
What to read after Assessing Competition in the Market for Corporate Acquisitions?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
If the alternative objective of managerial welfare maximization is assumed, the potential gains for unsuccessful bidders should be less than the gains for successful bidders. The empirical results presented in section 5 are inconsistent with rivalry under stockholder wealth maximization, but are consistent with rivalry under managerial welfare maximization.
- 5 - 2. Defining the Concepts 2. 1 Rivalry under stockholder wealth maximization The first condition of rivalry when the manager's objecti...ve is assumed to be stockholder wealth maximization is that the owners of target firms are only concerned about the offer price; among competing bids for the same target firm, the highest bid is selected. Denoting P. As the price per share offered by firm i, P > P. For i ?^ s and i£N (1) s — 1 where the subscript "s" denotes the successful firm and N is the set of po- tential bidders.
The second component of rivalry incorporates the assumption that the bid- ing firm's management is wealth maximizing; negative net present value offers are not made.
What to read after Assessing Competition in the Market for Corporate Acquisitions?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
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