Edmans is from The Wharton School, University of Pennsylvania, NBER, and ECGI. Goldstein is from The Wharton School, University of Pennsylvania. Jiang is from Columbia Business School. For helpful comments and discussions, we thank the Editor (Cam Harvey), two anonymous referees, an Associate Editor, Jack Bao, Thomas Bates, Jonathan Berk, Philip Bond, Jess Cornaggia, Todd Gormley, Dirk Hackbarth, Ayla Kayhan, Alexander Ljungqvist, Ernst Maug, Konrad Menzel, Randall Morck, Stew Myers, Lalitha Naveen, Gordon Phillips, Michael Roberts, Jacob Sagi, Jeremy Stein, and seminar participants at Columbia, Drexel, Georgia State, HBS, HEC Paris, HKUST, Houston, Mannheim, MIT Sloan, SUNY Binghamton, Temple, Tilburg, UNC, UT Dallas, Yale, AFA, Caesarea Center Conference, FIRS, LSE Paul Woolley Center Conference, NBER, the UBC Summer Conference, and the Washington University Conference on Corporate Finance. Robert Ready and Carrie Wu provided valuable research assistance. Edmans gratefully acknowledges the Goldman Sachs Research Fellowship from the Rodney White Center for Financial Research. This paper was previously circulated under the title “Takeover Activity and Target Valuations: Feedback Loops in Financial Markets.”
The Real Effects of Financial Markets: The Impact of Prices on Takeovers
Version of Record online: 21 MAY 2012
© 2012 the American Finance Association
The Journal of Finance
Volume 67, Issue 3, pages 933–971, June 2012
How to Cite
EDMANS, A., GOLDSTEIN, I. and JIANG, W. (2012), The Real Effects of Financial Markets: The Impact of Prices on Takeovers. The Journal of Finance, 67: 933–971. doi: 10.1111/j.1540-6261.2012.01738.x
- Issue online: 21 MAY 2012
- Version of Record online: 21 MAY 2012
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