How Are Firms Sold?
通过1990年代收购案例的新数据，发现公开收购竞争只是冰山一角，实际上一半的目标公司经历了多方竞价拍卖，另一半则与单一买家谈判，且两种方式对目标股东财富效应相当。
ABSTRACT As measured by the number of bidders that publicly attempt to acquire a target, the takeover arena in the 1990s appears noncompetitive. However, we provide novel data on the pre‐public, private takeover process that indicates that public takeover activity is only the tip of the iceberg of actual takeover competition during the 1990s. We show a highly competitive market where half of the targets are auctioned among multiple bidders, while the remainder negotiate with a single bidder. In event study analysis, we find that the wealth effects for target shareholders are comparable in auctions and negotiations.