The price of corporate liquidity: Acquisition discounts for unlisted targets

By Micah S. Officer. 2007

453 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/cc8eaced25ded82d406f6d583c5c00f0652c8892

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Citations in the corpus

Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control: Does the Absence of Anti-Takeover Provisions Make a Difference? (2011, methodology): “or ‘proxy’ premiums calculated using Officer’s (2007) methodology for private targets do not differ significantly according to acquirer size.”
Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms (2016, background): “Because target attitude (Browne and Rosengren, 1987), listing status (Capron & Shen, 2007; Officer, 2007) and payment method (Datta et al., 1992) have been shown to matter for the acquirer’s”
Economic Policy Uncertainty And Corporate Cash Holdings (2017, unknown): “We follow Harford (2005), Officer (2007) and Harford et al. (2014) to capture credit market conditions through CISPREAD - the spread of commercial and industrial loan rates (on loans greater than USD 1 million) over the federal funds rate.”
Club Deals in Leveraged Buyouts (2010, unknown): “As described in Officer (2007), the percent difference in multiples is a conservative estimate of the difference in premiums between private equity sponsored deals and non-private equity sponsored deals.”
Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings (2020, background): “Another way is to get ‘ external certification’ (Officer, 2007).”
Organization Capital and Mergers and Acquisitions (2017, unknown): “Officer, Poulsen, and Stegemoller (2009) study the role of target information”
The Sources of Value Destruction in Acquisitions by Entrenched Managers (2012, methodology): “In additional specifications (models 4 and 5) reported in Table 5, we include a measure of the premium using the method developed in Officer (2007), allowing us to include all targets, whether public or not.”
Target-firm information asymmetry and acquirer returns (2009, methodology): “…and Masulis, 2005; and Poulsen and Stegemoller, 2007).14 In some instances, target owners are willing to reduce their selling price in exchange for immediate liquidity thereby inducing the acquirer to substitute optimal contracting (stock as the method of payment) for lower pricing (Officer, 2007).”
Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings (2008, background): “1 More recent work by Officer (2006) finds an average acquisition discount for stand-alone private targets of 15% from 1979 to 2003.”
How Do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns (2013, unknown): “This finding is direct evidence that experienced CEOs are better bargainers can gain a greater proportion of the surplus for Note that Officer (2007) proxies for the premium/discount for unlisted targets by approximating it with the premium of otherwise similar public transactions.”
Do Firms Have Leverage Targets? Evidence from Acquisitions (2009, unknown): “Also, consistent with the findings in Fuller, Netter, and Stegemoller (2002) and Officer (2006), we confirm that bidders earn positive announcement returns when acquiring private and subsidiary targets.”