Tobin's q and the gains from takeovers

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August undefined, 2024

WebbThis paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972–1987. Target, bidder, and total returns are larger when targets have low … WebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios.

Tobin

WebbTobin's q reflects the average return on a company's capital, but what is relevant for investment is the marginal return on capital. What is needed, therefore, is an estimate of marginal q. The existing literature has continued to use measures of average q, even though the conditions under which it equals marginal q are quite stringent (e.g ... WebbTobin's Q and the Gains from Takeovers H. Servaes, 1991 . The Cost of Diversity: The Diversification Discount and Inefficient Investment Henri Servaes, Luigi Zingales, H. Servaes, 1999 . Explaining the Size of the Mutual Fund Industry Around the … cookies roblox accounts

Tobin

Webb24 sep. 2008 · In general, the shareholders of low q targets benefit more from takeovers than the shareholders of high q targets. Typical bidders have persistently low q ratios prior to the acquisition announcement while target q ratios decline significantly over the five years before the tender offer. WebbTobin’s Qs and simultaneously Bidders have high Tobin’s Qs. Keywords: Merger, Firm Value, Bidders, Targets, Tobin’s Q, Abnormal Returns, Managerial Performance, Relative Size. Webb“Tobin’s Q and the Gains of takeovers in Athens Stock-Exchange” Abstract Prior studies (Lang, Stulz and Walkling,1989 as well as of Servaes,1991) have shown that the abnormal returns in... family dollar ringwood ok

Productivity, Restructuring, And The Gains From Takeovers

Managerial Performance, Tobin

WebbTobin's Q and the gains from takeovers; Save to my profile Tobin's Q and the gains from takeovers. Journal. Journal of Finance. Subject. Finance. Publishing details. Journal of Finance 1991 Mar Vol 46:1 p 409-419. Authors / Editors. Servaes H. Biographies. Servaes H. Publication Year. WebbThe empirical results show that synergy is the primary motive in takeovers with positive total gains even though the evidence is consistent with the simultaneous existence of hubris in this sample. It is also found that agency is the primary motive in takeovers with negative total gains. family dollar ring lightWebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. cookies rolling machine

"WebbThis paper investigates how takeovers create value. Using plant-level data, I show that acquirers increase targets' productivity through more efficient use of capital and labor. Acquirers reduce capital expenditures, wages, and employment in target plants, though output is unchanged. " - Tobin's q and the gains from takeovers

Tobin's q and the gains from takeovers

WebbTo realize this goal, Pakistan needs what Lin Wang (2024) says that the improvement in the ‘social governance’ in order to distribute infrastructure, energy and technology and finally the gains of CPEC equally in the light of high hopes attached 104 ass.ccsenet.org Asian Social Science Vol. 15, No. 10 2024 with project. Webbproductivity gains from takeovers and to relate them to the cross-sectional di erences in announcement returns. In this paper, I show that acquirers increase the productivity of targets through more e cient ... economic gains such as Tobin’s Q (Lang, Stulz, and Walkling, 1989; and Servaes, 1991), insider and

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Webbare negatively related to Tobin’s q. If Tobin’s q measures either growth op-portunities or the managerial ability of the ﬁrm (Lang, Stulz, and Walkling 1989; Servaes 1991), this result suggests that U.S. ﬁrms with lower growth opportunities or less efﬁcient management teams experience higher returns Webb1 mars 1991 · Tobin's Q and the Gains from Takeovers. This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios.

Webbthis is the essential reading materials . ~In the class, student need to read this paper for seminar the journal of finance vol. lxvi, no. march 1991 and the Webb1 sep. 1989 · In general, the shareholders of low q targets benefit more from takeovers than the shareholders of high q targets. Typical bidders have persistently low q ratios prior to the acquisition announcement while target q ratios decline significantly over the five years before the tender offer.

WebbAbstract This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have …

Webb"Tobin's Q and the Gains from Takeovers," Journal of Finance, American Finance Association, vol. 46(1), pages 409-419, March. Errunza, Vihang R & Senbet, Lemma W, 1981. " The Effects of International Operations on the Market Value of the Firm: Theory and Evidence ," Journal of Finance , American Finance Association, vol. 36(2), pages 401-417, …

WebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. cookies rolling boxWebb18 juni 2024 · THE JOURNAL OF FINANCE • VOL. LXVI, NO. 1 • MARCH 1991 Tobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns … cookies rochester mnWebbAbstract: This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. family dollar ringgold rdhttp://faculty.london.edu/hservaes/jf1991.pdf cookies rolled in powdered sugarWebb1 sep. 1989 · If takeover gains arise from takeovers of badly performing firms by firms that are performing well, one would expect the highest takeover gains to occur for high q bidders taking over low q targets and the lowest gains to be associated with takeovers of high q targets by low q bidder. cookies rolled in sugar and cinnamonWebbH. Servaes, “Tobin’s Q and the Gains from Takeovers,” Journal of Finance, Vol. 46, No. 1, 1991, pp. 409-419. doi:10.2307/2328702 has been cited by the following article: TITLE: Beginning Consolidation in the Renewable Energy Industry and Bidders’ M & A-Success family dollar rigbyWebbTypical bidders have persistently ow q ratios prior to the acquisition announcement while target q ratios decline significautly over the five years before the tender offer. Our results are consistent with the view that takeovers of poorly managed targets by well-managed bidders have higher bidder, target, and total gains. 1. family dollar rio grande new jersey