Initial Offer Precision and M&A Outcomes
研究了现金收购要约的精确度与并购结果的关系，发现按整数每股价格报价会导致更高收购价和更低完成率。
Abstract Building on recent research in social psychology, this paper analyzes the link between the precision of initial cash offers and mergers and acquisition (M&A) outcomes. About one‐half of the offers are made at the precision of one or five dollars per share, while an additional one‐third are made at the precision of a half dollar or one quarter. The practice of making offers at round price‐per‐share levels is associated with a higher purchase price for target shares and a lower probability of deal completion.