The impact of management resistance on the outcome of hostile tender offers.
Item
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Title
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The impact of management resistance on the outcome of hostile tender offers.
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Identifier
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AAI8820918
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identifier
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8820918
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Creator
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Zissu, Anne-Marie.
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Contributor
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Adviser: Ronald Anderson
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Date
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1988
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Language
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English
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Publisher
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City University of New York.
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Subject
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Economics, Finance
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Abstract
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This paper examines the determinants of the outcomes of hostile tender offers that have been made in the 1980's. We try and forecast the outcome using a logit model. The dependent variable represents the two possible outcomes of the hostile tender offer. These outcomes are that the bidding firm acquires the target company and that the target company remains independent of the bidding company.;One of the innovations of this paper is that it incorporates the qualitative differences between the investment bank advising the target company and the investment bank advising the bidding company into the econometric model. The impact of this qualitative difference is measured and analyzed. We also analyze how the distribution of ownership prior to the bid affects the outcome of the tender offer. The argument that a tender offer is called hostile by the incumbent management because the offer is simply too low and would be treated as a friendly offer at a higher bid price is tested and rejected.
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Type
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dissertation
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Source
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PQT Legacy CUNY.xlsx
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degree
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Ph.D.
