Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns
研究收购私有目标公司时，竞标方在公告日的股票收益。股票支付带来正异常收益，现金支付无异常收益，正收益与目标股东监督和信息不对称降低有关。
ABSTRACT We examine bidder returns at the announcement of a takeover proposal when the target firm is privately held. In stock offers, bidders experience a positive abnormal return, which contrasts with the negative abnormal return typically found for bidders acquiring a publicly traded target. On the other hand, bidders experience no abnormal return in cash offers. Our analysis suggests that the positive wealth effect is related to monitoring activities by target shareholders and, to an extent, reduced information asymmetries.