Valuations in Corporate Takeovers and Financial Constraints on Private Targets
研究公共收购方收购私人企业时，财务约束如何影响收购收益的分配。利用州际银行分支放松管制，发现放松私人目标财务约束会提高其估值倍数并降低收购方财富收益。
I examine acquisitions of private firms by public acquirers to better understand the effects of financial constraints on the division of economic gains in takeovers. Empirical tests exploit interstate bank branching deregulation, which relaxes financial constraints on private firms and can strengthen their bargaining position in an acquisition. Using a proxy for the degree to which targets depend on acquirers for financing, I find that private targets depend less on acquirers as a result of interstate bank branching deregulation. Relaxing financial constraints on private targets leads to an increase in target valuation multiples and a decrease in acquirer wealth gains.