Modelling Takeover Likelihood

Ronan G. Powell

247 citations0/0 files storedJournal of Business Finance &amp Accounting

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Corporate Finance and Governance Merger and Competition Analysis Private Equity and Venture Capital

Abstract

This paper employs a multinomial logit model in an attempt to better understand the motives behind takeovers. The results from the multinomial logit models show that the characteristics of hostile and friendly targets differ significantly and that these differences also vary depending on the time period under investigation. The results give some support to the disciplining role of the hostile takeover. Furthermore, conclusions based on a simple binomial logit model are likely to be misleading and result in incorrect inferences regarding the characteristics of firms subject to takeover.

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References

1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1983Limited-dependent and qualitative variables in econometrics 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation 1986Predicting takeover targets 1989Free Cash Flow and Stockholder Gains in Going Private Transactions 1983Merger bids, uncertainty, and stockholder returns 1988Alternative Mechanisms for Corporate Control 1985An analysis of secured debt

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