An Empirical Study on the Sources of Acquisition Premiums : The Case of Management Buyouts in Japan
An Empirical Study on the Sources of Acquisition Premiums : The Case of Management Buyouts in Japan
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发表时间：
2014
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通讯作者：
Takuya Kawanishi;Takashi Saitō;Shinya Kawamoto
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作者：
Takuya Kawanishi;Takashi Saitō;Shinya Kawamoto
本研究通过对1）价值低估假说、2）税收优惠假说、3）代理成本假说、4）失信假说、5）上市成本假说等5个假说进行验证，对日本企业实施的公私制MBO中收购溢价的来源进行了分析。实证分析支持低估假说，弱支持代理成本假说。JEL分类：G34、G32、D22
This study examined the sources of acquisition premiums in the public-to-private type of MBOs implemented by Japanese companies by testing the following five hypotheses emphasized in the preceding studies including 1) the undervaluation hypothesis, 2) the tax benefit hypothesis, 3) the agency costs hypothesis, 4) the breach of trust hypothesis, and 5) the listing costs hypothesis. The empirical analysis supported the undervaluation hypothesis and weakly supported the agency costs hypothesis. JEL classification: G34, G32, D22