Independent expert's reports in takeover bids
Article Abstract:
This paper reports an empirical investigation of independent expert reports in takeover bids using the 170 reports that were issued in the 364 cash-based bids that occurred between January 1988 and December 1991. It was found that bid premia offered in takeover bids where an expert's report was issued were not significantly lower than bid premia in other bids. This may be attributable to independent experts acting as a countervailing influence on bidders holding a superior pre-bid bargaining position. Next, some dimensions of the "fair and reasonable" criterion that experts are required to use are examined. These are the single-test and dual-test interpretations of the phrase, the relation between offer price, market price and the expert's valuation of the target, the cost and length of expert's reports and, finally, the influence an expert has on the outcome of a bid. (Reprinted by permission of the publisher.)
Publication Name: Accounting and Finance
Subject: Business
ISSN: 0810-5391
Year: 1993
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Symbolic or substantive document? The influence of the ethics codes on financial executive's decisions
Article Abstract:
The combination of stakeholder management theory and the theory of planned behavior is developed to test a hypothesis with a survey of 302 members of senior financial management. The result shows the effect of market stakeholder pressure that is further enhanced when executives also believe that code will promote a positive external image.
Publication Name: Strategic Management Journal
Subject: Business
ISSN: 0143-2095
Year: 2005
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