Journal article
The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
The Journal of finance (New York), v 45(3), pp 817-833
Jul 1990
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.
Metrics
8 Record Views
154 citations in Scopus
Details
- Title
- The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
- Creators
- René M. StulzRalph A. WalklingMoon H. Song - American Finance Association
- Publication Details
- The Journal of finance (New York), v 45(3), pp 817-833
- Publisher
- American Finance Association
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Scopus ID
- 2-s2.0-84977715389
- Other Identifier
- 991021881496904721