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An Empirical Analysis of the Choice of Payment Method in Corporate Acquisitions during 1980 to 1990

Walter J. Mayer and M. Mark Walker
Quarterly Journal of Business and Economics
Vol. 35, No. 3 (Summer, 1996), pp. 48-65
Published by: Creighton University
Stable URL: http://www.jstor.org/stable/40473191
Page Count: 18
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
An Empirical Analysis of the Choice of Payment Method in Corporate Acquisitions during 1980 to 1990
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Abstract

This paper estimates two limit Tobit models (Maddala, 1983, pp. 160-162) of the choice of payment method in acquisitions from 1980 to 1990. The estimates support hypotheses that the choice of payment method depends on the financial condition of the acquiring firm, whether the acquisition is hostile, and the extent that the acquiring firm is owned by insiders. Consistent with Friedman's (1982) analysis of the period, the results also suggest that Federal Reserve procedures from 1979 to 1982 induced structural changes in acquisition financing.

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