An Empirical Analysis of the Effects of the Threat of Takeover on UK Company Performance
This 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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