TY - JOUR
T1 - Takeover activity as a response to time-varying changes in investment opportunity sets
T2 - Evidence from takeover sequences
AU - Klasa, Sandy
AU - Stegemoller, Mike
PY - 2007
Y1 - 2007
N2 - 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 findings 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.
AB - 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 findings 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.
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U2 - 10.1111/j.1755-053x.2007.tb00085.x
DO - 10.1111/j.1755-053x.2007.tb00085.x
M3 - Article
AN - SCOPUS:36049002761
SN - 0046-3892
VL - 36
SP - 1
EP - 25
JO - Financial Management
JF - Financial Management
IS - 2
ER -