Methods of Payment in Asset Sales: Contracting with Equity versus Cash
分析公司间资产出售中以股权作为支付方式的效果，并与现金交易对比。股权交易为买方和卖方分别带来10%和3%的收益，而现金交易收益较低。研究表明使用买方股权传递了关于资产和买方价值的有利信息。
ABSTRACT We analyze intercorporate asset sales where equity is the means of payment, and compare the results to cash asset sales. Equity deals are value‐enhancing for both buyers, 10%, and sellers, 3%, while cash sales generate seller returns of 1.9% and buyer returns that are not significant. Combined wealth gains are large for equity deals, but modest for cash deals. Equity‐based asset sales are not a precursor to consolidations between buyers and sellers, and do not affect buyer openness to the takeover market. We conclude that the use of buyer equity conveys favorable information about the value of assets and buyers.