Takeover Activity as a Response to Time-Varying Changes in Investment Opportunity Sets: Evidence from Takeover Sequences
We study takeover sequences that contain at least five acquisitions made over a period greater than 12 months, with no two acquisitions separated by more than 24 months. Acquisitions made within such sequences represent more than a quarter of aggregate takeover activity by U.S. public firms from 1982-1999. Our fi ndings are consistent with a proposition that takeover sequences occur in the context of time-varying changes in an acquirer's growth opportunity set. Takeover sequences begin (end) subsequent to an expansion (contraction) of this opportunity set. Copyright (c) 2007 Financial Management Association International.
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Volume (Year): 36 (2007)
Issue (Month): 2 (07)
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