Modelling Takeover Likelihood
用多项逻辑模型分析收购动机，发现敌意与友好收购目标特征显著不同，且随时间变化，支持敌意收购的约束作用，指出简单二项逻辑模型可能误导结论。
This paper employs a multinomial logit model in an attempt to better understand the motives behind takeovers. The results from the multinomial logit models show that the characteristics of hostile and friendly targets differ significantly and that these differences also vary depending on the time period under investigation. The results give some support to the disciplining role of the hostile takeover. Furthermore, conclusions based on a simple binomial logit model are likely to be misleading and result in incorrect inferences regarding the characteristics of firms subject to takeover.