Bidder Discounts and Target Premia in Takeovers
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When a takeover is announced, the sum of the stock-market values of the firms involved often falls, and the value of the acquirer almost always does. Does this mean that takeovers do not raise the values of the firms involved? Not necessarily. We set up a model in which the equilibrium number of
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美国国家经济研究局创建时间：
2002-06-01
