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Takeover Bidding with Toeholds: The Case of the Owner's Curse

Citations

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Cited by:

  1. Silvester van Koten, 2006. "Bidding Behavior when One Bidder and the Auctioneer Are Vertically Integrated Implications for the Partial Deregulation of EU Electricity Markets," CERGE-EI Working Papers wp313, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  2. Daniel Ferreira & Emanuel Ornelas & John L. Turner, 2005. "Ownership Structure and the Market for Corporate Control," IBMEC RJ Economics Discussion Papers 2005-09, Economics Research Group, IBMEC Business School - Rio de Janeiro.
  3. Eckbo, B Espen & Thorburn, Karin S & ,, 2005. "The Toehold Puzzle," CEPR Discussion Papers 5084, C.E.P.R. Discussion Papers.
  4. Kathryn Graddy & Jonathan Hamilton, 2014. "Auction House Guarantees for Works of Art," ACEI Working Paper Series AWP-02-2014, Association for Cultural Economics International, revised May 2014.
  5. Georges Dionne & Mélissa La Haye & Anne-Sophie Bergerès, 2015. "Does asymmetric information affect the premium in mergers and acquisitions?," Canadian Journal of Economics, Canadian Economics Association, vol. 48(3), pages 819-852, August.
  6. Joseph E. Stiglitz, 2002. "Information and the Change in the Paradigm in Economics," American Economic Review, American Economic Association, vol. 92(3), pages 460-501, June.
  7. Gino Loyola & Yolanda Portilla, 2016. "A Bargaining Model of Friendly and Hostile Takeovers," International Review of Finance, International Review of Finance Ltd., vol. 16(2), pages 291-306, June.
  8. Mike Burkart & Denis Gromb & Fausto Panunzi, 2006. "Minority Blocks and Takeover Premia," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 162(1), pages 32-49, March.
  9. Eckbo, B. Espen & Thorburn, Karin S., 2004. "Bidding in mandatory bankruptcy auctions: Theory and evidence," Discussion Papers 2004/16, Norwegian School of Economics, Department of Business and Management Science.
  10. Per Stromberg, "undated". "Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests," CRSP working papers 459, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  11. Khoroshilov, Yuri, 2012. "Preemptive bidding in takeover auctions with affiliated values," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(4), pages 395-401.
  12. Kau, James B. & Linck, James S. & Rubin, Paul H., 2008. "Do managers listen to the market?," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 347-362, September.
  13. Francesca Cornelli & David D. Li, "undated". "Risk Arbitrage in Takeovers," Rodney L. White Center for Financial Research Working Papers 17-98, Wharton School Rodney L. White Center for Financial Research.
  14. Khoroshilov, Yuri & Dodonova, Anna, 2007. "Takeover auctions with actively participating targets," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(2), pages 293-311, May.
  15. Schneck, Colin & Bessler, Wolfgang & Zimmermann, Jan, 2014. "Bidder Contests in International Mergers and Acquisitions: The Impact of Toeholds, Preemptive Bidding, and Termination Fees," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100493, Verein für Socialpolitik / German Economic Association.
  16. Yeon-Koo Che & Tracy R. Lewis, 2007. "The role of lockups in takeover contests," RAND Journal of Economics, RAND Corporation, vol. 38(3), pages 648-669, September.
  17. Dodonova, Anna, 2017. "Preemptive bidding and Pareto efficiency in takeover auctions," Economics Letters, Elsevier, vol. 159(C), pages 214-216.
  18. Stimmelmayr, Michael & Liberini, Federica & Russo, Antonio, 2015. "The Role of Toeholds and Capital Gain Taxes for Corporate Acquisition Strategies," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112926, Verein für Socialpolitik / German Economic Association.
  19. Yuri Khoroshilov, 2018. "Partnership Dissolution: Information and Efficiency+," Decision Analysis, INFORMS, vol. 15(3), pages 133-138, September.
  20. Björn Bartling & Tobias Gesche & Nick Netzer, 2017. "Does the absence of human sellers bias bidding behavior in auction experiments?," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 3(1), pages 44-61, July.
  21. Herve Alexandre & Christian At & Catherine Refait-Alexandre, 2023. "Strategic Toeholds in Takeovers," Working Papers hal-04604654, HAL.
  22. Jeremy Bulow & Ming Huang & Paul Klemperer, 1999. "Toeholds and Takeovers," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 427-454, June.
  23. Loyola, Gino, 2012. "Optimal and efficient takeover contests with toeholds," Journal of Financial Intermediation, Elsevier, vol. 21(2), pages 203-216.
  24. Dai, Yun & Gryglewicz, Sebastian & Smit, Han T.J. & De Maeseneire, Wouter, 2013. "Similar bidders in takeover contests," Games and Economic Behavior, Elsevier, vol. 82(C), pages 544-561.
  25. Alexander Dilger, 2006. "Forced to make mistakes: Reasons for complaining about Bebchuk's scheme and other market-oriented insolvency procedures," European Journal of Law and Economics, Springer, vol. 21(1), pages 79-94, January.
  26. repec:dau:papers:123456789/5431 is not listed on IDEAS
  27. Dimopoulos, Theodosios & Sacchetto, Stefano, 2014. "Preemptive bidding, target resistance, and takeover premiums," Journal of Financial Economics, Elsevier, vol. 114(3), pages 444-470.
  28. van den Berg, Vincent A.C. & Rouwendal, Jan, 2016. "Tender auctions with existing operators bidding," Economics of Transportation, Elsevier, vol. 6(C), pages 1-10.
  29. S. Ravid & Matthew Spiegel, 1999. "Toehold Strategies, Takeover Laws And Rival Bidders," Yale School of Management Working Papers ysm112, Yale School of Management, revised 01 Jan 2001.
  30. David Ettinger, 2009. "Takeover Contests, Toeholds and Deterrence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(1), pages 103-124, March.
  31. Bartling, Björn & Netzer, Nick, 2016. "An externality-robust auction: Theory and experimental evidence," Games and Economic Behavior, Elsevier, vol. 97(C), pages 186-204.
  32. Dodonova, Anna, 2013. "Preemptive bidding in takeover auctions with externality," Journal of Economics and Business, Elsevier, vol. 69(C), pages 35-44.
  33. Bris, Arturo, 2002. "Toeholds, takeover premium, and the probability of being acquired," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 227-253, July.
  34. Dasgupta, Sudipto & Tsui, Kevin, 2003. "A "matching auction" for targets with heterogeneous bidders," Journal of Financial Intermediation, Elsevier, vol. 12(4), pages 331-364, October.
  35. Yuan Gao & Derek Oler, 2012. "Rumors and pre-announcement trading: why sell target stocks before acquisition announcements?," Review of Quantitative Finance and Accounting, Springer, vol. 39(4), pages 485-508, November.
  36. Baker, Malcolm & Savasoglu, Serkan, 2002. "Limited arbitrage in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 64(1), pages 91-115, April.
  37. Iván Marinovic, 2017. "Delegated Bidding and the Allocative Effect of Accounting Rules," Management Science, INFORMS, vol. 63(7), pages 2181-2196, July.
  38. Patricia Charléty & Marie-Cécile Fagart & Saïd Souam, 2009. "Incentives for Partial Acquisitions and Real Market Concentration," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 165(3), pages 508-534, September.
  39. Manapol Ekkayokkaya & Phil Holmes & Krishna Paudyal, 2009. "Limited Information and the Sustainability of Unlisted‐Target Acquirers' Returns," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(9‐10), pages 1201-1227, November.
  40. Fabel, Oliver & Kolmar, Martin, 2002. "Management takeover battles and the role of the golden handshake," Discussion Papers, Series I 319, University of Konstanz, Department of Economics.
  41. Eckbo, B Espen & Thorburn, Karin S, 2002. "Overbidding versus Fire-Sales in Bankruptcy Auctions," CEPR Discussion Papers 3240, C.E.P.R. Discussion Papers.
  42. Robert Marquez & Bilge Yılmaz, 2012. "Takeover Bidding and Shareholder Information," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 1(1), pages 1-27.
  43. Daniel Ferreira & Emanuel Ornelas & John L. Turner, 2015. "Unbundling Ownership and Control," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 24(1), pages 1-21, March.
  44. Mufaddal Baxamusa & Dobrina Georgieva, 2015. "Two-step acquisitions and liquidity spread," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(2), pages 262-287, April.
  45. John Turner, 2013. "Dissolving (in)effective partnerships," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 41(2), pages 321-335, July.
  46. David Ettinger, 2010. "Bidding among Friends and Enemies with Symmetric Information," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 166(2), pages 365-385, June.
  47. Corum, Adrian Aycan & Levit, Doron, 2019. "Corporate control activism," Journal of Financial Economics, Elsevier, vol. 133(1), pages 1-17.
  48. Taher Hamza, 2009. "La performance à court et à long terme de l'acquéreur:l'impact de la détention d'une position de contrôle," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 33-65, March.
  49. Taiji Furusawa & Kazumi Hori & Ian Wooton, 2015. "A race beyond the bottom: the nature of bidding for a firm," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(3), pages 452-475, June.
  50. Clayton, Matthew J. & Jorgensen, Bjorn N., 2011. "Corporate equity ownership, investment, and product market relationships," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1377-1388.
  51. Hotchkiss, Edith S. & Mooradian, Robert M., 2003. "Auctions in bankruptcy," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 555-574, November.
  52. Lacerda, José & Pereira, Paulo J. & Rodrigues, Artur, 2021. "Toehold acquisitions as option games," Economics Letters, Elsevier, vol. 209(C).
  53. repec:dau:papers:123456789/5432 is not listed on IDEAS
  54. Ng, Alex & Donker, Han, 2013. "Purchasing reserves and commodity market timing as takeover motives in the oil and gas industry," Energy Economics, Elsevier, vol. 37(C), pages 167-181.
  55. Paul Povel & Rajdeep Singh, 2003. "Bidder Asymmetry in Takeover Contests: The Role of Deal Protection Devices," Finance 0311011, University Library of Munich, Germany.
  56. Akhigbe, Aigbe & Martin, Anna D. & Whyte, Ann Marie, 2007. "Partial acquisitions, the acquisition probability hypothesis, and the abnormal returns to partial targets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3080-3101, October.
  57. Aktas, Nihat & de Bodt, Eric & Roll, Richard, 2009. "Learning, hubris and corporate serial acquisitions," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 543-561, December.
  58. Vincent van den Berg, 2013. "Over- and Under-Bidding in Tendering," Tinbergen Institute Discussion Papers 13-033/VIII, Tinbergen Institute.
  59. Povel, Paul & Sertsios, Giorgo, 2014. "Getting to know each other: The role of toeholds in acquisitions," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 201-224.
  60. Bates, Thomas W. & Lemmon, Michael L., 2003. "Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes," Journal of Financial Economics, Elsevier, vol. 69(3), pages 469-504, September.
  61. Gino Loyola, 2021. "Optimal selling mechanisms with crossholdings," Review of Economic Design, Springer;Society for Economic Design, vol. 25(1), pages 1-32, June.
  62. Goldman, Eitan & Qian, Jun, 2005. "Optimal toeholds in takeover contests," Journal of Financial Economics, Elsevier, vol. 77(2), pages 321-346, August.
  63. Zhu, PengCheng & Jog, Vijay & Otchere, Isaac, 2011. "Partial acquisitions in emerging markets: A test of the strategic market entry and corporate control hypotheses," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 288-305, April.
  64. Patricia Charletty & Marie-Cécile Fagart & Saïd Souam, 2004. "Real Market Concentration through Partial Acquisitions," Working Papers 2004-07, Center for Research in Economics and Statistics.
  65. Lambrecht, Bart M., 2004. "The timing and terms of mergers motivated by economies of scale," Journal of Financial Economics, Elsevier, vol. 72(1), pages 41-62, April.
  66. Dodonova, Anna & Khoroshilov, Yuri, 2014. "Can preemptive bidding in takeover auctions be socially optimal? Yes it can," The North American Journal of Economics and Finance, Elsevier, vol. 27(C), pages 34-47.
  67. Iryna Banakh & Taras Banakh & Pavel Trisch & Myroslava Vovk, 2012. "Toehold Purchase Problem: A comparative analysis of two strategies," Papers 1204.2065, arXiv.org, revised Sep 2014.
  68. Benson, David & Ziedonis, Rosemarie H., 2010. "Corporate venture capital and the returns to acquiring portfolio companies," Journal of Financial Economics, Elsevier, vol. 98(3), pages 478-499, December.
  69. Bhattacharyya, Sugato & Singh, Rajdeep, 1999. "The resolution of bankruptcy by auction: allocating the residual right of design," Journal of Financial Economics, Elsevier, vol. 54(3), pages 269-294, December.
  70. repec:dau:papers:123456789/5447 is not listed on IDEAS
  71. Loyola, Gino, 2012. "Auctions vs. negotiations in takeovers with initial stakes," Finance Research Letters, Elsevier, vol. 9(3), pages 111-120.
  72. Ahern, Kenneth R., 2012. "Bargaining power and industry dependence in mergers," Journal of Financial Economics, Elsevier, vol. 103(3), pages 530-550.
  73. Bates, Thomas W. & Lemmon, Michael L. & Linck, James S., 2006. "Shareholder wealth effects and bid negotiation in freeze-out deals: Are minority shareholders left out in the cold?," Journal of Financial Economics, Elsevier, vol. 81(3), pages 681-708, September.
  74. S. Ravid & Matthew Spiegel, 1999. "Toehold Strategies, Takeover Laws And Rival Bidders," Yale School of Management Working Papers ysm112, Yale School of Management, revised 01 Jan 2001.
  75. repec:dau:papers:123456789/5449 is not listed on IDEAS
  76. Bessler, Wolfgang & Schneck, Colin & Zimmermann, Jan, 2015. "Bidder contests in international mergers and acquisitions: The impact of toeholds, preemptive bidding, and termination fees," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 4-23.
  77. Burch, Timothy R., 2001. "Locking out rival bidders: The use of lockup options in corporate mergers," Journal of Financial Economics, Elsevier, vol. 60(1), pages 103-141, April.
  78. Graddy, Kathryn & Hamilton, Jonathan, 2017. "Auction guarantees for works of art," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 303-312.
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