Two essays on shareholder returns and the form of financing in mergers and tender offers

The first essay examines the determinants of returns for bidding firms' stocks in mergers and tender offers using cross-sectional micro-firm data. First, we find that potential overpayments to target shareholders are important for explaining cross-sectional differences in bidders' returns upon the announcement of mergers and tender offers. Second, we find that ceteris paribus cash offers are likely to be chosen by relatively cash rich and low growth firms, and stock exchange offers to be chosen by relatively cash poor and high growth firms. The latter finding is consistent with the pecking order hypothesis.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Business Administration, General

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2011

Author dc:creator

• Sung, Hyun Mo

Contributors dc:contributor

• Lakonishok, Josef

• Business Administration, General
• Economics, Finance

Statement dc:rights

• Copyright 1990 Sung, Hyun Mo

Language dc:language

eng

Identifier

AAI9114430
(UMI)AAI9114430

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/23498