Gambling for Corporate Control: Issues of Tender Offer

[[abstract]]本研究以併購的協商方式為主要的研究對象，使用1977年到2015年主併公司與目標公司皆位於美國的併購案，測試公開收購股權要約(Tender Offer)在不同程度的區域賭博偏好中，是否會影響願意支付給目標公司的併購溢酬，還有對併購後短、長期股票報酬和長期營運績效的影響。實證結果顯示區域賭偏好越高，在此區域內的主併公司使用公開收購股權要約(Tender Offer)的意願越高。當主併公司的區域賭博偏好越高，目標公司所能獲得的併購溢酬越高。主併公司的短期宣告效果呈現明顯的正向獲益，不會受到賭博偏好的特性所影響。而主併公司在區域賭博偏好高和低的區域內，使用公開收購股權要約(Tender Offer)對長期市場績效並不存在顯著影響。然而，在併購後的長期營運績效中則發現在高賭博偏好區域的主併公司，採用公開收購股權要約(Tender Offer)會使長期營運績效顯著較佳。[[abstract]]Using US merger data from 1977 to 2015, this study examines whether the location of an acquirer’s headquarter will affect the incentive, offer price, and short- and long- term performance of the acquiring firm using tender offer . The empirical results show that tender offer provide significantly higher offer price when acquirers’ headquartered at higher gambling preference county. But the short-term announcement return and post-merger market performance of tender offers has no significant difference in high or low gambling preference regions. Finally, the long-term operational performance of tender offers are found a significantly positive in acquirers located at regions with high gambling preferences.[[note]]碩