The Pricing Effects of Interfirm Cash Tender Offers
利用期权定价理论分析企业间现金要约收购的财富效应，发现证据支持并购协同效应理论，并揭示市场对信息不确定性的定价方式未被标准资本资产定价模型捕捉。
ABSTRACT The tools provided by option‐pricing theory are used to examine the wealth effects of interfirm cash tender offers. The analysis provides evidence consistent with the “synergy” theory of corporate takeovers and has implications concerning the economic effects of regulations of cash tender offers. The analysis further suggests that the market prices information uncertainty in a manner not captured by the standard Capital Asset Pricing Model. The study introduces a technique for unbundling the prices of a primary asset and a contingent claim when only the prices of the combination are observed.