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1、JournalofFinancidEcooxnics20(?985)55-86.ReceivedJanuary1986,finalversionreceivedNovemberi986Thispaperexploresthedeteminimsofcorporatetakeovermeoffers)andtheiroutcomesandpriceeffects.Wefocusontheeflectofleverageonthetakeovermethodandoutcome.Themodelpredicts
2、,forcxapie,thatthetqetsstockpriceappreciateslessfollowingasuccessfulproxycontestthaninasumM~~3dr~c!T:r.inaddition,weobtainseveralotherresultsonpriceeffectsandonthecapitalstructurechangesthataozompanycontestsforcorporatecontrol.Someofourresultsarecomparedwi
3、ththeetistirgempiricalevidenceThispaperexploresthechoiceofcorporatetakeoverantsoftheiroutcomesandptiilr!?&cxts..zbasicideaisthattmanagementofatakeovertarget2~2noestiectthetypeofi&ti~~Cal;qS[tender0ffeTorproxycontest)anditsbyusingvariousresistancedevicesinm
4、erentstrategyasbeingbasedonatrade-offbetweenduetoanimprovementintheakcationofreonehandandthe1ofanypersonalbenefitsderivedfrombeingincontrolontheotherhand.sailowsustorelatetheresistancestrategy,thetypeoftakeover,anditsprobabilityofsuccesstothe,oten!ialgains
5、.S&ema*AnearlierversionofthispaperwasentitledCapitalStructureandCorporateControl.Tueauthorsfirstbeganworkingontheideascontainedinthispaper.whileProfessorHaziswasvisitingtheEconomicsDepartmentatStanfordUniversityinthefallof1982.thankProfessorKennethArrowfor
6、hisgenerositybothinprovidingfinancisharinghistimearadthoughtsPartialsttpportgratefullyacknowledged.Finally,wewouldlikAmihud,L.A.Bebchuk,A.Beja,6:CparticipantsinseminarsatNorthwesternsity,theUniversityofIowa,TelAvivUniversity,HaifaUniv?r:;iAssociationMeetin
7、gs,the~Rtematio~~ConR.Vishny(thereferee),andMichaelJensen,56M.HarrisandA.Raviv,TakevverandcapitalstructureIPotentialTakeoverPrirCeResistanceEffects&--)Strategy*TakeoverIofSuccessIFig.1.Relationshipsamongtakeovervariables.valueofthefirmisrelatedtothepotenti
8、algainsandtheprobabilityofrealizingthosegains,wecanrelatethestockpriceeffectsassociatedwithatakeoverattempttotheresistancestrategy,thetypeofattempt,anditsoutcome.The!relationshipsarestunmarizedgraphlcayinfig.
