Target revaluation after failed takeover attempts: Cash versus stock

Online Appendix to Target Revaluation after Failed Takeover Attempts – Cash versus Stock

Stock Price Manipulation Through Takeover Bids

Free Cash Flow and Takeover Threats: An Experimental Study∗

A classic theory of corporate governance holds that, when cash flow is high and investment opportunities scarce, takeover threats reduce managerial self dealing and encourage dividend payment to owners. We conduct laboratory experiments studying the effect of cash flow on self dealing and the effect of takeover threats on both agency problems and the optimality of management of cash flows. We f...

Invariant Discovery via Failed Proof Attempts

We present a framework for automating the discovery of loop invariants based upon failed proof attempts. The discovery of suitable loop invariants is a bottle neck for automatic veriication of imperative programs. Using the proof planning framework we reconstruct standard heuristics for developing invariants. We relate these heuristics to the analysis of failed proof attempts allowing us to dis...

Accruals , cash flows , and aggregate stock returns $

This paper examines whether the firm-level accrual and cash flow effects extend to the aggregate stock market. In sharp contrast to previous firm-level findings, aggregate accruals is a strong positive time series predictor of aggregate stock returns, and cash flows is a negative predictor. In addition, innovations in accruals are negatively contemporaneously correlated with aggregate returns, ...