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SUMMARY:Are stock-financed takeovers opportunistic?
DTSTART;VALUE=DATE:20150911
DTSTAMP:20260916T061328Z
UID:c4f3af1e539473f7ee701e3d0a4d3bb8e1b2ef51cb4e0ab94ef39270
CATEGORIES:Conferences - Seminars
DESCRIPTION:Espen ECKBO (Tuck at Dartmouth)\nConditional on making a takeo
 ver bid\, bidders are more likely to offer stock as payment for the target
  when bidder market-to-book ratio (M=B) is high. However\, when we instrum
 ent M=B with aggregate mutual fund flows - which are exogenous to takeover
 s - this effect disappears. Moreover\, we show that stock-payment is more 
 likely when the two firms are geographically close and operate in compleme
 ntary industries\, and when the bidder has just issued seasoned equity - a
 ll of which reduce information asymmetry. Bidders paying with stock also t
 end to be small\, non-dividend paying growth companies with low leverage\,
  suggesting that financing constraints play role in the stock payment deci
 sion as well. Overall\, our evidence does not suggest a particular role fo
 r bidder mispricing in driving the conditional all-stock payment decision 
 in takeovers.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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