A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of Investment
Description:
The primary purpose of the study was to investigate whether takeover markets are allocationally efficient using Tobin's q as the variable which summarizes the investment opportunities of firms. Chapter I presented the purposes, hypotheses, methodology, and limitations of the study. The two hypotheses proposed were as follows: Acquiring firms' q should be significantly higher than that of control firms, on average, and target firms' q should be significantly lower than that of control firms, on …
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Date:
May 1987
Creator:
Kim, Keeho
Partner:
UNT Libraries