Tobin's Q and the Gains from Takeovers
分析1972-1987年间704起并购和要约收购中，目标公司和收购方的托宾Q比率与收购收益的关系，发现目标Q低、收购方Q高时收益更大。
ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972–1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. The relation is strengthened after controlling for the characteristics of the offer and the contest. This evidence confirms the results of the work by Lang, Stulz, and Walkling and shows that their findings also hold for mergers and after controlling for other determinants of takeover gains.