The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
René Stulz,
Ralph A Walkling and
Moon H Song
Journal of Finance, 1990, vol. 45, issue 3, 817-33
Abstract:
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. Copyright 1990 by American Finance Association.
Date: 1990
References: Add references at CitEc
Citations: View citations in EconPapers (100)
Downloads: (external link)
http://links.jstor.org/sici?sici=0022-1082%2819900 ... O%3B2-X&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:45:y:1990:i:3:p:817-33
Ordering information: This journal article can be ordered from
http://www.afajof.org/membership/join.asp
Access Statistics for this article
More articles in Journal of Finance from American Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().