为核查企业老板是否会因其自身原因选择阻碍收购,这两位学者研究了临近退休的老板会如何处理收购项目。
Using data on American public firms from 1992 to 2008, they found that companies with aboss aged 65 or over were 50% more likely to be taken over.
他们分析了1992年至2008年美国上市公司的数据,结果显示:老板年龄在65岁以上的公司被收购的可能性高出50%。
Another paper, by Eliezer Fich and Ralph Walkling of Drexel University and Anh Tran of CassBusiness School,
德雷塞尔大学的埃利泽?芬奇、拉尔夫?沃克林与卡斯商学院的陈安在一篇共同发表的论文中指出:
found that when golden parachutes are larger, proposed mergers are more likely to becompleted,
如果金色降落伞的力度增强,拟合并项目达成的可能性更大,
but buyers pay less for the shares of the target firm.
但买方就目标公司股份所支付的对价则减少。
The data from Mr Jenter and Ms Lewellen show that when the boss of the target firm is old,buyers pay an average premium of 26%.
珍特与卢埃林的统计数据显示:如果目标公司的老板年届退休,买方支付的平均溢价为26%;
For younger bosses, the premium is 33%.
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