Toehold Acquisitions, Shareholder Wealth, and the Market for Corporate Control
研究小股东收购后控制权转移的估值影响，发现小股东收购促进价值提升的控制权转移，包括收购、代理权争夺和管理层更替，目标公司股价随之异常上涨，否则下跌。
This study examines the valuation consequences of control-related outcomes that fol? low toehold acquisitions. We find evidence that toehold acquisitions facilitate valueenhancing control transfers. The types of control transfers not only include takeovers, but also internal mechanisms, such as proxy fights and management turnovers. We find that toehold targets experiencing such control transfers exhibit an abnormal increase in share value, while those not experiencing such control transfers exhibit an abnormal de? crease in share value. The results suggest that the positive valuation effect associated with toehold acquisitions reflects the expected benefits of subsequent control transfers.