An Empirical Analysis of the Effects of the Threat of Takeover on UK Company Performance
AbstractThis paper undertakes an empirical analysis of the effects of the threst of takeover on company performance, based on a panel of 643 nonfinancial quoted UK companies over the period 1989-96. Our measure of the intensity of the threat of takeover is the predicted probability of takeover estimated recursively from a takeover likelihood model. This measure is used as an explanatory variable in models of total factor productivity, investment and dividends.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 1999-w5.
Length: 53 pages
Date of creation: 1999
Date of revision:
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Web page: http://www.nuff.ox.ac.uk/economics/
PRODUCTIVITY ; INVESTMENTS ; MERGERS ; TAKEOVERS;
Find related papers by JEL classification:
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
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- Steen Thomsen & Frederik Vinten, 2014. "Delistings and the costs of governance: a study of European stock exchanges 1996–2004," Journal of Management and Governance, Springer, Springer, vol. 18(3), pages 793-833, August.
- Rose, Caspar, 2005. "Takeover Defenses' Influence on Managerial Incentives," International Review of Law and Economics, Elsevier, Elsevier, vol. 25(4), pages 556-577, December.
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