The Distribution of Target Ownership and the Division of Gains in Successful Takeovers

This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership. In the sample of multiple-bidder contests, the target's gain increases with managerial ownership and falls with institutional ownership

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Year of publication:	[2011]
Authors:	Stulz, René M.
Other Persons:	Song, Mun-ho (contributor) ; Walkling, Ralph A. (contributor)
Publisher:	[2011]: [S.l.] : SSRN

Extent:	1 Online-Ressource (18 p)
Type of publication:	Book / Working Paper
Notes:	In: The Journal of Finance, Vol. 45, No. 3, pp. 817-833, 1990 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1990 erstellt
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012757006