P. Hietala

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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)
We would like to thank Rob Gertner for suggesting that this acquisition would have theoretical interest. Erik Stafford provided helpful comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted(More)
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