Bidder Discounts and Target Premia in Takeovers

By Boyan Jovanovic, Serguey Braguinsky. 2004

150 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/626884cd2db85eaec690ada8f83a83eafa134c90

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Citations in the corpus

How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns (2007, background): “In the models of McCardle and Viswanathan (1994) and Jovanovic and Braguinsky (2004) , an acquisition signals adverse information about the bidder’s prospects and resolves uncertainty about these prospects.”
Market Valuation and Acquisition Quality: Empirical Evidence (2009, background): “In a related paper, Jovanovic and Braguinsky (2004) show in a rational setting that acquisitions undertaken during periods when averageprojectqualityishighgenerategreaterpostacquisition lossesthanthoseundertakenwhenaverageproject quality is low.”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, unknown): “For example, if merger waves are driven by industry shocks that trigger restructuring and consolidation of industries (e.g., Mitchell and Mulherin, 1996; Jovanovic and Braguinsky, 2004), they may create value by facilitating efficient asset reallocation.”
An Assignment Theory of Foreign Direct Investment (2008, unknown): “For instance, in Jovanovic and Braguinsky (2004) a firm consists of a manager and a project, both of which may differ in their qualities.”
Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants (2011, unknown): “McCardle and Vishwanathan (1994) and Jovanovic and Braguinsky (2002) suggest that firms first fund their internal projects; if they have no attractive internal investment opportunities, they look to the outside for growth.”
The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda (2020, background): “…the target value is commonly performed before the negotiation phase when the acquirer considers whether a target is worth pursuing, valuation activities continue during due diligence and in parallel with negotiations to improve the accuracy of valuation (Bruner, 2004; Jovanovic & Braguinsky, 2004).”
Do Tender Offers Create Value? New Methods and Evidence (2005, background): “The second problem is that event-related returns are infected with a bidder revelation bias (Bradley, Desai and Kim, 1983; Jensen and Ruback, 1983; Roll, 1986; Jovanovic and Braguinsky, 2002).”
The Market for Mergers and the Boundaries of the Firm (2004, background): “Note that if condition (18) holds this does not ensure that type 1 firms will match with type 1 firms, only that it would be pareto-improving for them to do so.”
Firm size and the gains from acquisitions (2004, background): “Maloney et al. (1993) show that firms with higher leverage make better acquisitions and small firms have higher leverage than large firms.”
Acquisition Announcements and Stock Market Valuations of Acquiring Firms’ Rivals: A Test of the Growth Probability Hypothesis in China (2011, unknown): “market about the industry of the acquiring firm (Jovanovic and Braguinsky, 2004; Moeller et al., 2005).”