Advanced Search
MyIDEAS: Login

Contested Tender Offers: An Estimate of the Hazard Function

Contents:

Author Info

  • Jaggia, Sanjiv
  • Thosar, Satish

Abstract

In this paper, the authors estimate the hazard function for firms that are targets in unsolicited tender offers. The data support a Weibull-gamma specification and imply a hazard rate that increases sharply in the initial period following the bid announcement, after which it declines steadily. In explaining the hazard, the authors find that the initial bid premium has no explanatory power, while the onset of an auction and the proportion of institutional ownership in the target firm significantly enhance the hazard. Legal and financial restructuring actions by target management are effective in reducing the hazard, thereby prolonging the contest.

Download Info

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Bibliographic Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 13 (1995)
Issue (Month): 1 (January)
Pages: 113-19

as in new window
Handle: RePEc:bes:jnlbes:v:13:y:1995:i:1:p:113-19

Contact details of provider:
Web page: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main

Order Information:
Web: http://www.amstat.org/publications/index.html

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Das, Sanghamitra & Srinivasan, Krishna, 1997. "Duration of firms in an infant industry: the case of Indian computer hardware," Journal of Development Economics, Elsevier, vol. 53(1), pages 157-167, June.
  2. James E. Prieger, . "Conditional Moment Tests for Parametric Duration Models," Department of Economics 00-10, California Davis - Department of Economics.
  3. Alan Marco & Gordon Rausser, 2011. "Complementarities and spillovers in mergers: an empirical investigation using patent data," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 20(3), pages 207-231.
  4. Bandopadhyaya, Arindam & Jaggia, Sanjiv, 2001. "An analysis of second time around bankruptcies using a split-population duration model," Journal of Empirical Finance, Elsevier, vol. 8(2), pages 201-218, May.
  5. Eduardo Beamonte & José Bermúdez, 2003. "A bayesian semiparametric analysis for additive Hazard models with censored observations," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 12(2), pages 347-363, December.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:bes:jnlbes:v:13:y:1995:i:1:p:113-19. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F. Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.