2024 Tobin's q and the gains from takeovers

Tobin's q and the gains from takeovers

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WebbDOI: 10.1016/0304-405X(89)90075-5 Corpus ID: 50444270; Managerial Performance, Tobin's Q, and the Gains from Successful Tender Offers @article{Lang1989ManagerialPT, title={Managerial Performance, Tobin's Q, and the Gains from Successful Tender Offers}, author={Larry H. P. Lang and Ralph A. Walkling and Ren{\'e} Stulz}, journal={Corporate … Webb“Tobin’s Q and the Gains of takeovers in Athens Stock-Exchange” Abstract Prior studies (Lang, Stulz and Walkling,1989 as well as of Servaes,1991) have shown that the abnormal returns in...

Marginal q, Tobin

Webbthis is the essential reading materials . ~In the class, student need to read this paper for seminar the journal of finance vol. lxvi, no. march 1991 and the Webb1 mars 1991 · Tobin's Q and the Gains from Takeovers. This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. channel u tv listing today

Productivity, restructuring, and the gains from takeovers

WebbAbstract This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have … Webb1 sep. 1989 · Lang et al., Tobin's q and takeover gains 4. a relation et bidder ratios and tender offer gains In this section we investigate how the bidder's and the target's announcement period abnormal returns relate to bidder and target q ratios. We use q ratios in two ways. First, we divide our sample between high q (q greater than one) and low q … Webbare negatively related to Tobin’s q. If Tobin’s q measures either growth op-portunities or the managerial ability of the ﬁrm (Lang, Stulz, and Walkling 1989; Servaes 1991), this result suggests that U.S. ﬁrms with lower growth opportunities or less efﬁcient management teams experience higher returns channel verification level is too high 翻译

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Webb"Tobin's Q and the Gains from Takeovers," Journal of Finance, American Finance Association, vol. 46(1), pages 409-419, March. Errunza, Vihang R & Senbet, Lemma W, 1981. " The Effects of International Operations on the Market Value of the Firm: Theory and Evidence ," Journal of Finance , American Finance Association, vol. 36(2), pages 401-417, … Webb"Managerial performance, Tobin's Q, and the gains from successful tender offers," Journal of Financial Economics, Elsevier, vol. 24(1), pages 137-154, September. Cong Wang & Fei Xie, 2009. " Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions ," Review of Financial Studies , Society for Financial Studies, vol. 22(2), … channel view bearingWebb3 “Tobin’s Q and the Gains of takeovers in Athens Stock-Exchange” I. Introduction In their research, Lang et al. (1989) support the view that the abnormal returns in channel verification level is too high怎么办

"WebbThis paper investigates how takeovers create value. Using plant-level data, I show that acquirers increase targets' productivity through more efficient use of capital and labor. Acquirers reduce capital expenditures, wages, and employment in target plants, though output is unchanged. " - Tobin's q and the gains from takeovers

Tobin's q and the gains from takeovers

Webb1 sep. 1989 · If takeover gains arise from takeovers of badly performing firms by firms that are performing well, one would expect the highest takeover gains to occur for high q bidders taking over low q targets and the lowest gains to be associated with takeovers of high q targets by low q bidder. WebbThe empirical results show that synergy is the primary motive in takeovers with positive total gains even though the evidence is consistent with the simultaneous existence of hubris in this sample. It is also found that agency is the primary motive in takeovers with negative total gains.

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Webb1 juli 2013 · Using Tobin's Q as a proxy for managerial performance, Lang, Stulz, and Walkling (1989) and Servaes (1991) find that total takeover gain is higher when a well-managed (high Q) firm acquires a poorly managed (low Q) target. Masulis, Wang, and Xie (2007) and Wang and Xie (2009) present similar evidence using corporate governance … WebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios.

WebbAbstract: This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. WebbH. Servaes, “Tobin’s Q and the Gains from Takeovers,” Journal of Finance, Vol. 46, No. 1, 1991, pp. 409-419. doi:10.2307/2328702 has been cited by the following article: TITLE: Beginning Consolidation in the Renewable Energy Industry and Bidders’ M & A-Success

Webb5 juli 2012 · Abstract This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. WebbTobin's q reflects the average return on a company's capital, but what is relevant for investment is the marginal return on capital. What is needed, therefore, is an estimate of marginal q. The existing literature has continued to use measures of average q, even though the conditions under which it equals marginal q are quite stringent (e.g ...

WebbTobin's Q and the gains from takeovers; Save to my profile Tobin's Q and the gains from takeovers. Journal. Journal of Finance. Subject. Finance. Publishing details. Journal of Finance 1991 Mar Vol 46:1 p 409-419. Authors / Editors. Servaes H. Biographies. Servaes H. Publication Year.

Webb18 juni 2024 · THE JOURNAL OF FINANCE VOL. LXVI, NO. 1 MARCH 1991. Tobin's Q and the Gains fromTakeovers. HENRI SERVAES* ABSTRACT. This paper analyzes the relation between takeover gains and the q ratios of targetsand bidders for a sample of 704 mergers and tender offers over the period 1972-1987.Target, bidder, and total returns are larger … channel victoria\u0027s secret fashion showWebb24 sep. 2008 · In general, the shareholders of low q targets benefit more from takeovers than the shareholders of high q targets. Typical bidders have persistently low q ratios prior to the acquisition announcement while target q ratios decline significantly over the five years before the tender offer. harley trike axle conversion kit + swingarmWebbproductivity gains from takeovers and to relate them to the cross-sectional di erences in announcement returns. In this paper, I show that acquirers increase the productivity of targets through more e cient ... economic gains such as Tobin’s Q (Lang, Stulz, and Walkling, 1989; and Servaes, 1991), insider and harley tri glide wheelsWebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios. channel view brean reviewsWebbThis paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972–1987. Target, bidder, and total returns are larger when targets have low … channelview auto supply channelview texasWebbTobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-1987. channel u weekday 7pm showWebbTobin's Q and the gains from takeovers; Save to my profile Tobin's Q and the gains from takeovers. Journal. Journal of Finance. Subject. Finance. Publishing details. Journal of Finance 1991 Mar Vol 46:1 p 409-419. Authors / Editors. Servaes H. Biographies. Servaes H. Publication Year. channel verification level is too high什么意思