Why do private acquirers pay so little compared to public acquirers?

被引：186

作者：

Bargeron, Leonce L. ^{[3
]}

Schlingemann, Frederik P. ^{[3
]}

Stulz, Rene M. ^{[1
,2
]}

Zutter, Chad J. ^{[3
]}

机构：

[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

[2] NBER, Columbus, OH 43210 USA

[3] Univ Pittsburgh, Katz Grad Sch Business, Pittsburgh, PA 15260 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2008年 / 89卷 / 03期

关键词：

Private equity acquisitions; Target abnormal returns;

D O I：

10.1016/j.jfineco.2007.11.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using the longest event window, we find that public target shareholders receive a 63% (14%) higher premium when the acquirer is a public firm rather than a private equity firm (private operating firm). The premium difference holds with the usual controls for deal and target characteristics, and it is highest (lowest) when acquisitions by private bidders are compared to acquisitions by public companies with low (high) managerial ownership. Further, the premium paid by public bidders (not private bidders) increases with target managerial and institutional ownership. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：375 / 390

页数：16

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