Browsing Working papers (FIN) by Author "Makaew, Tanakorn"
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Are stock-financed takeovers opportunistic?
Eckbo, B. Espen; Makaew, Tanakorn; Thorburn, Karin S. (Working paper;2013:4, Working paper, 2013)We find that the probability of all-stock financed takeovers increases with measures of bidder overvaluation. However, when we instrument the bidder's pricing error using aggregate mutual fund flows, the reverse happens: ...