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- W2910256659 abstract "This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be influenced by (a) the pre-bid ownership of target and (b) the real option characteristics of both acquirer and target firms. Our findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership reduces information asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms exhibit real option capacity as measured by positive risk-return sensitivity. As a result, an acquirer with real option capacity is willing to pay higher takeover premia for an option embedded in the target firm." @default.
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- W2910256659 date "2019-05-01" @default.
- W2910256659 modified "2023-09-25" @default.
- W2910256659 title "The role of real options in the takeover premia in mergers and acquisitions" @default.
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- W2910256659 doi "https://doi.org/10.1016/j.iref.2019.01.006" @default.
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