The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
用成功要约收购样本证明，目标公司所有权分布影响收购收益在目标与竞标方之间的分配：目标收益与竞标方及机构持股负相关，在多竞标方情形下与管理层持股正相关、与机构持股负相关。
This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership. In the sample of multiple-bidder contests, the target's gain increases with managerial ownership and falls with institutional ownership.