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An investigation of the acquisition process in the market for corporate control

dc.contributor.authorSen, Nilanjanen
dc.contributor.committeechairShome, Dilip K.en
dc.contributor.committeecochairMorgan, George E.en
dc.contributor.committeememberDenis, David J.en
dc.contributor.committeememberKeown, Arthur J.en
dc.contributor.committeememberKumar, Ramanen
dc.contributor.departmentFinanceen
dc.date.accessioned2014-03-14T21:20:49Zen
dc.date.adate2005-10-12en
dc.date.available2014-03-14T21:20:49Zen
dc.date.issued1990en
dc.date.rdate2005-10-12en
dc.date.sdate2005-10-12en
dc.description.abstractThe dissertation explores the determinants of the choice between friendly mergers and hostile tender offers as alternative acquisition methods in the market for corporate control. The theoretical model focuses on the target management's firm specific human capital as a primary determinant of the choice. The model predicts that firm characteristics like low insider holdings and high debt, indicating the presence of incumbent management's firm specific human capital, increase the likelihood of a friendly merger as opposed to a hostile tender offer. Other firm characteristics that influence the choice of acquisition method emerge from Jensen's (1986) free cash flow theory. The empirical testing of the hypotheses uses state-based sampling and conditional maximum likelihood estimation of logit models. The results provide strong evidence in support of the theoretical model developed in the dissertation and Jensen’s free cash flow theory.en
dc.description.degreePh. D.en
dc.format.extentix, 106 leavesen
dc.format.mediumBTDen
dc.format.mimetypeapplication/pdfen
dc.identifier.otheretd-10122005-134411en
dc.identifier.sourceurlhttp://scholar.lib.vt.edu/theses/available/etd-10122005-134411/en
dc.identifier.urihttp://hdl.handle.net/10919/39753en
dc.language.isoenen
dc.publisherVirginia Techen
dc.relation.haspartLD5655.V856_1990.S464.pdfen
dc.relation.isformatofOCLC# 23351880en
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subject.lccLD5655.V856 1990.S464en
dc.subject.lcshConsolidation and merger of corporationsen
dc.titleAn investigation of the acquisition process in the market for corporate controlen
dc.typeDissertationen
dc.type.dcmitypeTexten
thesis.degree.disciplineFinanceen
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen
thesis.degree.leveldoctoralen
thesis.degree.namePh. D.en

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