Government Regulation and Structural Change in the Corporate Acquisitions Market: The Impact of the Williams Act Export

@article{citeulike:3326222, abstract = {This paper presents evidence on how the Williams Act affected the corporate acquisitions market. The acquisition process is modeled and three hypotheses about the Act's effects are discussed. These hypotheses imply differing restrictions on how the Act changes the model's parameters. Parameter changes are estimated but we are unable to reliably discriminate between two of the three hypotheses using the classical statistical testing approach, though the third hypothesis is reliably rejected. Bayesian analysis using a diffuse prior is employed to make formal probability comparisons among the hypotheses. The most probable hypothesis, according to the results, implies that the Williams Act reduced the expected gross present value of acquisition attempts.}, author = {Malatesta, Paul H. and Thompson, Rex}, citeulike-article-id = {3326222}, citeulike-linkout-0 = {http://dx.doi.org/10.2307/2331419}, citeulike-linkout-1 = {http://www.jstor.org/stable/2331419}, doi = {10.2307/2331419}, issn = {00221090}, journal = {The Journal of Financial and Quantitative Analysis}, keywords = {acquisitions, analysis, bayesian, capm, federal, impacts, mergers, of, offers, present, rates, regulation, return, studies, tender, value}, number = {3}, pages = {363--379}, posted-at = {2008-09-24 00:24:02}, priority = {2}, publisher = {University of Washington School of Business Administration}, title = {Government Regulation and Structural Change in the Corporate Acquisitions Market: The Impact of the Williams Act}, url = {http://dx.doi.org/10.2307/2331419}, volume = {28}, year = {1993} }

TY - JOUR ID - citeulike:3326222 L3 - citeulike-article-id:3326222 N2 - This paper presents evidence on how the Williams Act affected the corporate acquisitions market. The acquisition process is modeled and three hypotheses about the Act's effects are discussed. These hypotheses imply differing restrictions on how the Act changes the model's parameters. Parameter changes are estimated but we are unable to reliably discriminate between two of the three hypotheses using the classical statistical testing approach, though the third hypothesis is reliably rejected. Bayesian analysis using a diffuse prior is employed to make formal probability comparisons among the hypotheses. The most probable hypothesis, according to the results, implies that the Williams Act reduced the expected gross present value of acquisition attempts. IS - 3 JF - The Journal of Financial and Quantitative Analysis SN - 00221090 EP - 379 TI - Government Regulation and Structural Change in the Corporate Acquisitions Market: The Impact of the Williams Act PB - University of Washington School of Business Administration VL - 28 SP - 363 KW - acquisitions KW - analysis KW - bayesian KW - capm KW - federal KW - impacts KW - mergers KW - of KW - offers KW - present KW - rates KW - regulation KW - return KW - studies KW - tender KW - value AU - Malatesta, Paul AU - Thompson, Rex PY - 1993/// UR - http://dx.doi.org/10.2307/2331419 ER -