A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of Investment

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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 average. Chapter II presented the review of literature on takeovers and theory of investments. Chapter III presented the research design adopted to test the above ... continued below

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xi, 179 leaves

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Kim, Keeho May 1987.

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  • Kim, Keeho

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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 average.
Chapter II presented the review of literature on takeovers and theory of investments. Chapter III presented the research design adopted to test the above hypotheses. The methodology to calculate q-values and methods to reduce the bias which may result from choice-based sampling were also given. A paired comparison t-test was employed to test the hypotheses. Sample firms were selected from the COMPUSTAT RESEARCH and COMPUSTAT INDUSTRIAL tape.

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xi, 179 leaves

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  • May 1987

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  • Aug. 22, 2014, 6 p.m.

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  • March 16, 2016, 11:16 a.m.

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Kim, Keeho. A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of Investment, dissertation, May 1987; Denton, Texas. (digital.library.unt.edu/ark:/67531/metadc332371/: accessed October 17, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; .