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Management Buyouts and Takeovers

其他書名	A Comparative Empirical Analysis
出版	University of Michigan, 1992
URL	http://books.google.com.hk/books?id=DVgeAQAAMAAJ&hl=&source=gbs_api

註釋Tests of the implications of the private and common value models regarding (i) preemptive bidding, (ii) the relation between total gains and the number of bidders and (iii) winner's curse are also conducted. High takeover bids deter competition from other bidders while high MBO bids do not. This suggests private values in takeovers but not in MBOs. Wealth gains in multiple bidder takeover contests, however, are not different from gains in single bidder contests rejecting the private values hypothesis.