Strategic and financial bidders in takeover auctions
作者： ALEXANDER S. GORBENKO , ANDREY MALENKO
DOI: 10.1111/JOFI.12194
关键词: Finance 、 Business 、 Microeconomics 、 Common value auction 、 Value (economics) 、 Sample (statistics) 、 Willingness to pay
摘要: Using data on auctions of companies, we estimate valuations (maximum willingness to pay) strategic and financial bidders from their bids. We find that a typical target is valued higher by bidders. However, 22.4% targets in our sample are These mature, poorly performing companies. also (i) different more dispersed (ii) correlated with aggregate economic conditions. Our results suggest appeal types bidders, rather than always value because synergies.
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