NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Target Revaluation after Failed Takeover Attempts - Cash versus Stock

Ulrike Malmendier, Marcus Matthias Opp, Farzad Saidi

NBER Working Paper No. 18211
Issued in July 2012

---- Acknowledgements -----

Previously circulated as "Cash is King - Revaluation of Targets after Merger Bids." This paper benefited significantly from the comments of an anonymous referee and discussions by Nihat Aktas, Audra Boone, Matthew Rhodes-Kropf and Pavel Savor, as well as the detailed input from Javed Ahmed, Dirk Jenter, and Marlena Lee. We also acknowledge helpful comments by Yakov Amihud, Malcolm Baker, Xavier Gabaix, Boyan Jovanovic, Steven Kaplan, Alessandro Lizzeri, Atif Mian, Adair Morse, Stewart Myers, Terrance Odean, Andrei Shleifer, Jeremy Stein, Michael Weber, Jeffrey Wurgler, David Yermack, as well as seminar participants at Berkeley, Princeton, LSE, NYU Stern, Ohio State, Harvard, MIT Sloan, ESMT Berlin, Columbia GSB, University of Houston, the Kellogg Junior Finance conference, the 2011 NBER Summer Institute, the 2012 EFA Meeting, and the 2012 WFA Meeting. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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