The Motivation for Takeovers in the UK
通过分析英国收购中目标公司财富收益与收购方及总财富收益的相关性，发现存在协同效应、傲慢假说和代理动机的证据，且结果受窗口期和收益衡量方法影响。
Abstract: The motives for takeovers in the UK are investigated by examining the correlations between wealth gains for the target and both acquirer wealth gains and total wealth gains. The results are sensitive to whether the gains are measured over a long or short window, the method of measuring abnormal returns, and whether controls are included for the form of the bid consideration and the sign of total bid gains. There is evidence of bids motivated by synergy, but there is also evidence of the presence of hubris and weak evidence of bids with an agency motivation. Once controls for bid consideration and the sign of total gains are introduced the explanatory power of the models increases substantially and diversity of results about bid motivation also increases.