Potential heterogeneity in target’s value and jump bidding in takeover auctions

This ticle analyses the pre-emptive jump bidding equilibrium in takeover auctions when bidders’ valuations of the target firm follow truncated normal distribution. It shows that potential heterogeneity of the targets’ value, measured by the standard deviation of the bidders’ valuation function, is especially important when it is small and, for extremely small values, the second bidder is almost always pre-empted. It also shows that, contrary to regular clock-style auctions, the increase in standard deviation may negatively affect the expected profit of the first bidder.     

Abnormal Returns from Takeover Prediction Modelling: Challenges and Suggested Investment Strategies

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below‐expected returns to target portfolios. Target prediction models’ inability to optimally time impending takeovers, by taking account of pre‐bid target underperformance and the anticipation of potential targets by other market participants, diminishes but does not eliminate the potential profitability of investing in predicted targets. Importantly, we find that target portfolios are predisposed to underperform, as targets and distressed firms share common firm characteristics, resulting in the misclassification of a disproportionately high number of distressed firms as potential targets. We show that this problem can be mitigated, and significant risk‐adjusted returns can be earned, by screening firms in target portfolios for size, leverage and liquidity.     

中国制造业并购目标的财务特征及预测

并购目标的选择关系到并购事件的成败,制造业是中国经济的重要组成部分,也是并购发生最频繁的行业,识别制造业目标公司的财务特征并对其进行预测具有很大的理论及现实意义。以2013年中国A股市场制造业并购目标为研究对象,选取代表企业各方面能力的20个财务变量,通过单因素方差分析将其与股本规模类似的制造业非目标公司和非制造业并购目标进行比较,实证分析结果表明制造业目标公司具有负债水平高、收益水平低、每股获利能力强、现金短缺、股权集中度低等特点。另外,制造业目标公司和非制造业目标公司在财务特征上不存在显著差异。采用多重共线性诊断并构建Logit回归模型以预测制造业并购目标,模型总体准确率为70.4%,表明对制造业并购目标进行预测在很大程度上是可行的。     

Rhetoric, argument and impression management in hostile takeover defence documents

This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.     

The entrepreneur's mode of entry: Business takeover or new venture start?

We extend the well-known occupational choice model of entrepreneurship by analyzing the mode of entry. Individuals can become entrepreneurs by taking over established businesses or starting up new ventures from scratch. We argue that the new venture creation mode is associated with higher levels of schooling whereas managerial experience, new venture start-up capital requirements and industry level risk promote the takeover mode. A sample of data on entrepreneurs from The Netherlands provides broad support for these hypotheses, and also bears out a prediction that entrepreneurs whose parents run a family firm tend to invest the least in schooling. We go on to discuss the implications for researchers, entrepreneurs and public policy makers.     

论刘少奇对石家庄的解放和城市接管所做出的杰出贡献

石家庄是人民解放战争转入战略进攻阶段华北首获解放的重要城市。就伟大的解放战争而言，石家庄之战算不上大仗、恶仗；就作战的规模和投入的兵力而言，石家庄之战也是微不足道的。但是，就其在整个解放战争乃至新中国成立过程中的意义和作用来说，解放石家庄的影响超越了战争本身，也超越了石家庄本身。因为此刻正是中国历史的伟大转折时期，中国共产党要从武装夺取政权转向经济建设和治理国家。然而中国共产党人对革命斗争是非常熟悉的，但对如何管理经济和治理国家是缺乏经验的。以刘少奇为书记的中央工委直接指挥和领导了石家庄的解放和城市的接管，并取得了十分宝贵的城市工作经验。文章从3个方面阐述了刘少奇对石家庄的解放和城市接管所做出的杰出贡献。     

欧盟证券强制要约收购规则及启示

本文以2004年5月20日生效的《欧盟要约收购指令》为基础，对欧盟及其各成员国有关强制要约收购的临界点、强制要约收购的价格以及强制要约收购的豁免制度进行了重点分析，对如何完善我国上市公司强制要约收购制度作了探讨。该指令的研究对完善我国证券法律制度具有重要的现实意义。     

持股预警披露制度的比较研究

持股预警披露制度是证券监管的重要组成部分。与英国、美国的相关监管规则相比，我国的持股预警披露制度仍有亟待完善之处。为此，应当放弃以持股比例为标准来划分简式权益披露与详式权益披露的做法，而改为以控制意图为标准；同时，为适应市场需求，节省监管成本，在机构投资者的披露内容和披露时限方面应当制定必要的例外规则。     

Compensation System of Land Takeover in USA and Its Enlightenment to Our Country

According to the amendment to the U.S. Constitution, the 5^th article stipulates governmental entities expropriation of private property in particular land for public purposes, must pay reasonable compensation, and with due process of law. This paper analyzes features of the USA＇s fair compensation system of land takeover, discusses governmental actual process of land takeover and compensation approaching to specific issues. Finally, comparing with serious loss of farmland in our country, four onlightenments are drawn from USA＇s compensation system of land takeover.     

国有控股上市公司控制权转移对经营绩效和代理成本的影响

本文对2000—2004年我国发生控制权转移的国有控股上市公司在控制权转移前后的经营绩效、代理成本进行了实证检验。结果表明：控制权转移后,公司的代理成本水平下降,经营绩效得到提高;卖方为地方的子样本代理成本的下降和经营绩效的改善大于卖方为中央企业的子样本;买方为民营的子样本的代理成本的下降和经营绩效的改善大于买方为国有的子样本;买方为国有的控制权转移经营绩效提高和代理成本下降主要来自最终控制人变更子样本。