Stock Market Driven Acquisitions versus the Q Theory of Takeovers: The UK Evidence
基于1985-2004年英国并购样本，发现股权高估对融资方式选择有重要影响，支持市场驱动理论而非Q理论，并指出需用处理效应模型研究收购方长期表现。
Abstract: Using a sample of UK mergers and acquisitions from 1985–2004, we show that equity over‐valuation appears to play an important role in the determination of financing method. Our results are broadly consistent with those theories based upon market over‐valuation driving mergers and their financing, rather than a Q ‐theory explanation. In some contrast to the US results of Dong et al. (2006) we find that proxies for over‐valuation appear to be the more persuasive explanation for acquisition financing behaviour in the UK. Given the evidence in favour of valuation effects, we argue that a treatment effects model is necessary in investigating the long‐run performance of acquirers. Taken together with results from a univariate analysis, such a model reveals some modest support for the Shleifer and Vishny (2003) hypothesis.