WEALTH CREATION AND BID RESISTANCE IN U.K. TAKEOVER BIDS
研究了英国178起成功收购要约中财富创造与竞标抵制的关系，发现两者相互依赖，存在管理与财务协同效应但缺乏运营协同，且治理机制发挥了监督作用。
In this paper we investigate the determinants of, and relationship between, wealth creation and bid resistance for a sample of 178 successful takeover bids in the U.K. Within the context of an event study approach we test a range of hypotheses against a background that recognizes the existence of agency conflict and the role of corporate governance mechanisms designed to mitigate its effect. The results obtained are interpreted within the context of the U.K. corporate environment. We find that wealth creation and bid resistance are mutually dependent on each other. We find evidence suggesting the presence of managerial and financial synergy but the absence of operational synergy. Our results also suggest that there is some conflict between managers and shareholders but that significant monitoring is exercised by the particular governance mechanisms we investigate. © 1997 by John Wiley & Sons, Ltd.