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Buy Smart, Time Smart: Are Takeovers Driven by Growth Opportunities or Mispricing?
16 references·3 citing·37 second hop
Buy Smart, Time Smart: Are Takeovers Driven by Growth Opportunities or Mispricing? (2011)Buy Smart, Time Smart: Are Takeovers Driv…CEO Overconfidence and Corporate Investment (2005)CEO Overconfidence and Corpor…Stock market driven acquisitions (2003)Stock market driven acquisiti…Market Timing and Capital Structure (2002)Market Timing and Capital Str…Valuing American Options by Simulation: A Simple Least-Squares Approach (2001)Valuing American Options by S…The relevance of the value relevance literature for financial accounting standard setting: another view (2001)The relevance of the value re…New Evidence and Perspectives on Mergers (2001)New Evidence and Perspectives…Real Options: Managerial Flexibility and Strategy in Resource Allocation (1996)Real Options: Managerial Flex…The New Issues Puzzle (1995)The New Issues PuzzleInvestment Under Uncertainty. (1994)Investment Under Uncertainty.Investment under Uncertainty (1994)Investment under UncertaintyThe Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…Managerial Perspectives on Risk and Risk Taking (1987)Managerial Perspectives on Ri…The Hubris Hypothesis of Corporate Takeovers (1986)The Hubris Hypothesis of Corp…Determinants of corporate borrowing (1977)Determinants of corporate bor…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …Does Investor Sentiment Drive Corporate Green Innovation: Evidence from China (2024)Does Investor Sentiment Drive…Are Stock‐for‐Stock Acquirers of Unlisted Targets Really Less Overvalued? (2013)Are Stock‐for‐Stock Acquirers…Agency Costs, Mispricing, and Ownership Structure (2012)Agency Costs, Mispricing, and…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Judgment under Uncertainty: Heuristics and Biases (1975)The Framing of Decisions and the Psychology of Choice (1981)The market for corporate control (1983)Efficient Capital Markets: II (1991)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The relationship between return and market value of common stocks (1981)The Cross-Section of Expected Stock Returns (1992)A five-factor asset pricing model (2014)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Pricing of Options and Corporate Liabilities (1973)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)A review of tax research (2010)Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?* (2011)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging (1997)The Value Premium (2005)Policy Uncertainty and Corporate Investment (2015)Capital markets research in accounting (2001)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1977Determinants of corporate borrowing13,160 cited
  • 1994Investment Under Uncertainty.9,497 cited
  • 1994Investment under Uncertainty9,016 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 1986The Hubris Hypothesis of Corporate Takeovers3,764 cited
  • 2005CEO Overconfidence and Corporate Investment3,686 cited
  • 1995The New Issues Puzzle3,550 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 2001Valuing American Options by Simulation: A Simple Least-Squares Approach3,218 cited
  • 1987Managerial Perspectives on Risk and Risk Taking3,198 cited
  • 2001New Evidence and Perspectives on Mergers2,803 cited
  • 1996Real Options: Managerial Flexibility and Strategy in Resource Allocation2,220 cited
  • 2003Stock market driven acquisitions2,093 cited
  • 2001The relevance of the value relevance literature for financial accounting standard setting: another view

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  • 2012Agency Costs, Mispricing, and Ownership Structure21 cited
  • 2013Are Stock‐for‐Stock Acquirers of Unlisted Targets Really Less Overvalued?17 cited
  • 2024Does Investor Sentiment Drive Corporate Green Innovation: Evidence from China12 cited