Hay, Donald A; Liu, Guy S - In: Oxford Bulletin of Economics and Statistics 60 (1998) 2, pp. 143-64
This paper analyzes the incidence of acquisitions, and the determinants of expenditure or acquisitions, in a sample of 110 U.K. quoted companies, 1970-89. Financial variables, especially those related to M. Jensen's 'free cash flow' theory of acquisitions, are found to be significant, notably...