insistonMotives for Takeovers: An Empirical Investigation 期刊名称： Journal of Financial and Quantitative Analysis渔利
作者： Elazar Berkovitch,M. P. Narayanan
leadto年份： 1993年spreads
期号： 第3期treasure什么意思
nigga关键词： Motives for takeovers;An empirical investigation, Artículo
老师节日快乐英文
雅思考试机经摘要：Three major motives have been suggested for takeovers: synergy, agency, and hubris. Existing empirical evidence is unable to clearly distinguish among the motives probably due to the simultaneous existence of all three in any sample of takeovers. This paper suggests a way of distinguishing among the competing hypothes by looking at the correlation between target and total gains. It is argued that this correlation should be positive if synergy is the motive, negative if agency is the motive, and zero if hubris is the motive. The empirical results show that synergy is the pri
mary motive in takeovers with positive total gains even though the evidence is consistent with the simultaneous existence of hubris in this sample. It is also found that agency is the primary motive in takeovers with negative total gains.npr
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