Work

Takeover Activity as a Response to Time‐Varying Changes in Investment Opportunity Sets: Evidence from Takeover Sequences

Year: 2007

Type: article

Abstract: 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.

Source: Financial Management

DOI: 10.1111/j.1755-053x.2007.tb00085.x

Authors: Sandy Klasa, Mike Stegemoller

Institutions: University of Arizona, Texas Tech University, Baylor University

Language: English

Topic: Corporate Finance and Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: bronze

OpenAlex ID: W1993389919

FWCI: 11.54

Cites: 39

Cited by: 72

Related to: 10