An Empirical Analysis of the Role of the Medium of Exchange in Mergers
指出现金收购与非现金收购存在显著差异，若不加区分可能导致错误结论，并基于1970年代中期数据将企业分为未被收购、现金收购和证券交换收购三类。
ABSTRACT In empirical studies of differences between firms which are acquired and those which are not, researchers typically divide firms into two groups‐acquired and nonacquired. In this paper, we argue that cash takeovers may be sufficiently different from noncash acquisitionst hat failure to distinguish between them may lead to inappropriateg eneralizations. We provide evidence from the mid 1970s that three categories of firms can be distinguished:n onacquireda, cquiredi n a cash takeover, and acquired in an exchange of securities.