Competition and the Medium of Exchange in Takeovers
研究收购中竞标者之间的竞争如何影响支付方式（现金或股票），以及这对收购方和目标公司股东回报的影响。模型预测现金支付比股票支付带来更高回报，且竞争加剧时现金支付比例上升。
The role of the medium of exchange in competition among bidders and its effect on returns to stockholders in corporate takeovers are investigated. Consistent with recent empirical evidence, our model shows that stockholders of both acquiring and target firms obtain higher returns when a takeover is financed with cash rather than equity, and that returns to target shareholders increase with competition. The model predicts that the fraction of synergy captured by the target decreases with the level of synergy. Finally, it is shown that, as competition increases, the cash component of the offer as well as the proportion of cash offered increases.