The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
研究成功收购中目标公司所有权分布如何影响收购方与目标公司之间的收益分配，发现目标公司收益与机构持股负相关，在多竞标者案例中与管理层持股正相关。
ABSTRACT This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership. In the sample of multiple‐bidder contests, the target's gain increases with managerial ownership and falls with institutional ownership.