The Information Content of Defence Documents in UK Hostile Takeover Bids
研究1988-1990年英国79起敌意收购中防御文件的41个特征，发现管理层无法通过防御文件引入影响收购结果的新信息，可能仅为抬高报价而建议股东拒绝。
This study examines the defence documents of 79 hostile take‐over bids of publicly quoted companies in the UK during the period 1988–1990 using logit regression and discriminant analysis to determine if any of the 41 identified characteristics of the defence document and seven continuous control variables lead to a higher or lower probability of a successful defence. The study finds that managers in target companies are unable to introduce new information in their defence documents that materially affects the outcome of a bid. This suggests that managers may advise shareholders to reject a bid for other reasons, such as to drive up the offer price.