Loderer, Claudio; Wälchli, Urs (2015). Corporate Aging and Takeover Risk. Review of Finance, 19(6), pp. 2277-2315. Oxford University Press 10.1093/rof/rfu048
![[img]](https://boris.unibe.ch/style/images/fileicons/text.png) |
Text
2015 Corporate Aging and Takeover Risk.pdf - Published Version Restricted to registered users only Available under License Publisher holds Copyright. Download (790kB) |
|
|
Text
rfu048.pdf - Other Available under License Publisher holds Copyright. Download (912kB) | Preview |
Although growth opportunities fade and profitability declines as firms mature,
older firms are no more likely to be acquired than young firms are. This article documents and explains that phenomenon. We argue that, because mature organizations are rationally less flexible, they are more costly to integrate and therefore comparatively unattractive acquisition candidates. The evidence supports this explanation of the negative age dependence of takeover hazard. The evidence also shows that negative exogenous shocks to merger benefits further reduce the takeover hazard of mature firms. We test many alternative
explanations and find no evidence that they can explain the hazard decline.
Item Type: |
Journal Article (Original Article) |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management |
UniBE Contributor: |
Loderer, Claudio, Wälchli, Urs |
Subjects: |
600 Technology > 650 Management & public relations 300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
1572-3097 |
Publisher: |
Oxford University Press |
Language: |
English |
Submitter: |
Urs Wälchli |
Date Deposited: |
02 Dec 2013 10:11 |
Last Modified: |
05 Dec 2022 14:26 |
Publisher DOI: |
10.1093/rof/rfu048 |
JEL Classification: |
G30, L20 |
BORIS DOI: |
10.7892/boris.38754 |
URI: |
https://boris.unibe.ch/id/eprint/38754 |
Actions (login required)
 |
Edit item |