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We present a framework for determining the information that can be extracted from stock prices around takeover contests. In only two types of cases is it theoretically possible to use stock price movements to infer bidder overpayment and relative synergies. Even in these two cases, we argue that it is practically difficult to extract this information. We(More)
and Haoxiang Zhu. In addition, comments and feedbacks from participants at the 2015 NBER Market Microstructure Meeting are greatly appreciated. The numerical estimation of the structural model receives great help from discussions with Marcin Zamojski. There are no competing financial interests that might be perceived to influence the analysis, the(More)
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