Collars and Renegotiation in Mergers and Acquisitions
研究并购协议中加入对价区间条款的动机与效果，发现收购方和目标方的市场相关股票收益标准差是决定现金或股票支付以及是否包含对价区间条款的关键因素，支持支付方式取决于双方对市场风险的敏感性的假设。
ABSTRACT I examine the motivation for, and effect of, including a collar in a merger agreement. The most important cross‐sectional determinants of the bid structure (cash vs. stock, and whether to include a collar) are the market‐related stock return standard deviations for the bidder and target. This evidence supports the hypothesis that the method of payment is dependent on the sensitivities of the bidder and target to market‐related risk because either has the incentive to demand renegotiation of the merger terms if the value of the bidder's offer changes materially relative to the value of the target during the bid period.