assignmentutor™您的专属作业导师

assignmentutor-lab™ 为您的留学生涯保驾护航 在代写兼并和收购Mergers and Acquisitions方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写兼并和收购Mergers and Acquisitions代写方面经验极为丰富，各种代写兼并和收购Mergers and Acquisitions相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|兼并和收购代写Mergers and Acquisitions代考|Returns High for Target Shareholders

Average abnormal returns to target shareholders during the 2000s averaged $25.1 \%$ as compared to $18.5 \%$ during the $1990 \mathrm{~s}^{85}$ This upward trend may reflect a tendency by bidders to offer a substantial premium in friendly takeovers to preempt other possible bidders and the potential for revising the initial offer because of competing bids. Other contributing factors include the increasing sophistication of takeover defenses and federal and state laws requiring bidders to notify target shareholders of their intentions before completing the deal. Returns from hostile tender offers generally exceed those from friendly mergers, which are characterized by less contentious negotiated settlements and the absence of competing bids.
Sometimes returns to target shareholders on the announcement date can be negative. Why? Because investors are sensitive to the size of the actual offer price relative to the expected of fer price ${ }^{86}$ When the announced offer price is significantly below expectations, investors express their disappointment by selling their shares. Selling pressure can be particularly intense when the run-up in share prices prior to the bid is fueled largely by speculators hoping to profit from a sizable jump in the stock. When it becomes clear that their expectations will not be realized, speculators try to lock in any profits they have by selling their shares.

## 经济代写|兼并和收购代写Mergers and Acquisitions代考|Returns to Acquirer Shareholders

Recent research involving large samples involving tens of thousands of firms over lengthy time periods involving US, foreign, and cross-border deals (including public and private firms) shows that returns to acquirer shareholders are generally positive around the deal announcement date except for those involving large public firms and those public firms using stock to pay for the deal. ${ }^{87}$ While it varies in these large-sample studies, deals involving private acquirers, private targets, or both comprise at least four-fifths or more of the sample. Unlike earlier results, these studies document that acquirer shareholders earn positive abnormal returns of about $1 \%-1.5 \%$. While earlier studies show such returns to be zero or slightly negative, they focus almost exclusively on large publicly traded acquirers. They also fail to explain why the number and size of M\&As continues to grow globally, implying that managers do not learn from past failures.

Earlier studies may understate average acquirer returns because they are based on relatively small samples of mostly public firms, employ problematic methodologies, fail to capture the preannouncement rise in acquirer share prices, ${ }^{88}$ and fail to adjust for distortions of a few large transactions. Nor do they properly account for premerger pay-for-performance programs even though bidders with high pay-for-performance plans tend to pay lower premiums and realize higher announcement date financial returns than firms that do not have such plans. ${ }^{89}$ Furthermore, commonly used sampling methods bias sample selection toward larger publicly traded firms making such samples unrepresentative of the general populations of firms involved in M\&As. ${ }^{90}$

# 兼并和收购代考

## 经济代写|兼并和收购代写Mergers and Acquisitions代考|Returns High for Target Shareholders

2000 年代目标股东的平均异常回报率25.1%相比于18.5%在此期间1990 s85这种上升趋势可能反映了投标人倾向于在友好收购中提供大量溢价以抢占其他可能的投标人，以及由于竞争性投标而修改初始报价的可能性。其他促成因素包括日益复杂的收购防御以及联邦和州法律要求投标人在完成交易之前通知目标股东他们的意图。敌意收购要约的回报通常超过友好合并的回报，友好合并的特点是争议较少的谈判解决方案和没有竞争性投标。

## 有限元方法代写

assignmentutor™作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师