| Titre | M&A Outcomes and Willingness to Sell | |
|---|---|---|
| Auteur | Eric De Bodt, Jean-Gabriel Cousin, Irina De Bruyne Demidova | |
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Revue | Finance |
| Numéro | Volume 35, no 1, mars 2014 Varia | |
| Page | 7-49 | |
| Résumé anglais |
Should target shareholders divulgate their willingness to sell (WTS)? In this article, we tackle this issue by investigating the net WTS wealth effect. We first model the trade-off between the probability of a sale and the price paid in case of a sale, and derive testable predictions. We then provide an empirical test using a proxy of the target's WTS based on deal initiation and the chosen selling procedure, which are hand-collected in Securities and Exchange Commission filings. The results reveal a negative relationship between the target's displayed WTS and its expected profits, mitigated by competition among acquirers. Source : Éditeur (via Cairn.info) |
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| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=FINA_351_0007 |
