NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cash is King - Revaluation of Targets after Merger Bids

Ulrike Malmendier, Marcus Matthias Opp, Farzad Saidi

NBER Working Paper No. 18211
Issued in July 2012

---- Acknowledgements -----

This paper significantly benefited from very insightful discussions by Matthew Rhodes-Kropf and Pavel Savor, and helpful comments by Viral Acharya, Yakov Amihud, Malcolm Baker, Alberto Bisin, Hui Chen, Lauren Cohen, Francesca Cornelli, Slava Fos, Julian Franks, Xavier Gabaix, Victoria Ivashina, Nikolay Halov, Gerard Hoberg, Owen Lamont, Alessandro Lizzeri, Gustavo Manso, Atif Mian, Stewart Myers, Terrance Odean, Alessandro Pavan, Antoinette Schoar, Andrei Shleifer, David Sraer, Jeremy Stein, Daniel Wolfenzon, Jeffrey Wurgler, David Yermack, as well as seminar participants at Berkeley, Princeton, LSE, NYU Stern, Ohio State, Harvard, MIT Sloan, ESMT Berlin, Kellogg Junior Finance conference 2012, Columbia GSB, the NBER Summer Institute 2011 and the WFA conference 2012. Research assistance by Javed Ahmed and collaboration with Marlena Lee on an earlier draft of the paper were greatly appreciated. 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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