Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns
研究收购要约中支付方式（现金或换股）如何影响竞标公司公告时的股票异常回报，发现换股与现金收购的回报差异显著，且不受收购类型或结果影响，提示早期研究结论不一可能因未控制支付方式。
This study explores the role of the method of payment in explaining common stock returns of bidding firms at the announcement of takeover bids. The results reveal significant differences in the abnormal returns between common stock exchanges and cash offers. The results are independent of the type of takeover bid, i.e., merger or tender offer, and of bid outcomes. These findings, supported by analysis of nonconvertible bonds, are attributed mainly to signalling effects and imply that the inconclusive evidence of earlier studies on takeovers may be due to their failure to control for the method of payment.