It Pays to Follow the Leader: Acquiring Targets Picked by Private Equity
研究发现，收购那些也有金融买家竞标的目标公司，比只面对企业买家竞标的目标公司，能为收购方带来更高回报，且金融买家识别了具有高价值提升潜力的目标。
Abstract This paper examines the impact of financial sponsor competition on corporate buyers. We find that corporate acquirers who purchase targets that financial buyers also bid on outperform corporate acquirers who buy targets bid on by corporate firms only. Deal characteristics, acquirer abilities, and observable target characteristics cannot explain this difference in returns. Corporate acquirers have higher returns when they follow a first bid by a financial buyer rather than a first bid by another corporate buyer. The results suggest that financial bidders identify targets with high potential for value improvement and winning corporate bidders are competent in exploiting this potential.