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nn r rr n nr n r rnn n nrn ID: 848702

rrp x0000 0192 0190 x0000 rrp 0190 0192 discount 0112 2006m8 2005m12 2005m1 2007m12 2004m1 window 011 merger asp

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1  \n\r\n\n\r
\n\r\n\n\r\r\r\n\r\r\n\n \n\r \r \n\n\r \r\r \n \n\r !" \n\r#$%&'($)!$%* +,\r\n\n- \n \n\r\n \n\r \n\n\n\r#.,./&$0112\r\r$&0112* 3 \n, \r,\n,\r \r 4 /\r\n\n\n\n \r \n\n\r\n\r \r\r\n\n \n 5 \r\n \n, 6,,\n\r\n \r\n\n \n\r

2 ( \r \r \n 
( \r \r \n \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r \r \n" \n\r \n \n\n\r \n\n\n\r\n \n\n\r,\n\r -\n\n\r\r,\n\r\n\n\n \n \n \r\r\n -\n\r,\r \r\r,\n\r \r\n\n \n\r \r\n\r\n \n\n\r\r\n\n \n\r 7\n \r 7,\n\n\n\r\r\n# \n.&+0118$40199$0190* \n\n\r\r\n\n \n\r

3 \r\r\r\n\n \n\n \n
\r\r\r\n\n \n\n \n\r\n\n \n\r #.,.,\r\n\n \n\r*#.,. \n.43\n\n0192* \n \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r \r \r \r" \n\r \n \n\r , \n\n\r\n\n\n#\r * \r\r, \n\r ,\r, \n\r \n\r \r \r,\r\n\r\r# $5 ,$\r3:$0190*- \n\n ',\n\r\n#;\r\n* \n\r \n\n \r#* \n\r #;\n*

4 \n \n\r
\n \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r \r \r /\r\n\n\n\r;\n \n\r \r\n\n #\r\n,* - . \n# \n\r*$ . �?/\n@#\r*$ . \n//\n#\r\n\n *$ A. \r\r\r\n, \n# * ,,,\n\r - . B$\r, . $\r \n\r . B\n\n/\n\n\n\r \r\r\r\n\n 3\r\n \n\r\r\n\n#.,.%

5 \r$&+0190C $\r0
\r$&+0190C $\r0190* \n \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r\r\r \r\r \r\r \r\r\r\r!\r "#$%&'(""%&\r&\r\r\r)\r\r*\r\r\r&+\r&%\r\r, \r\r\r & \r \n\r\n\n\r\r\r\n\r\r\n\n \n\r "&\r\r)\r%-\r\r& \r\r\r \r\r \r:\n,\r,\n F / \r\n)!\n\n\r@\r%\n\n/@#�, ::\r\n.$0192*

6 \n \n)!\n\n\r
\n \n)!\n\n\r\r\r011E /\n\n\n\n,\r/@ \n\r\n- \r \r\n\r \r\r\r#* , /\n''-\r\r?\n\n@\n,$ \n\n\r\n, #9\n\r* 6 \n \r\n \n,#0\r\r* \r\r\r \n ,\n \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r\r\r \r\r /\n\r,/\n\n: \r\n\n

7 \r\n\n\n, 
\r\n\n\n, ,,\n\r\n\r\n ?\n\n@ \n,\r, \r\n\r?\r\n@#.,.6\n\r,�4011=* E1\n #21\n\n\r@\r21%\n\n/@*\r D1 #21\r01\r\r* /\n\n\n\n,\r \r\n\r - \n\n \r\n\n #.,.�\r\n\n.�&$0192*\n\n@\n, F\n\n\r\n\r\n\n\r B\r\n\n\r \r 011\n\n \r , -\n$,\r$\n$\r, \n\r\n\n\r\r

8 \r\n\r\r\n\n \n\r \r\r\
\r\n\r\r\n\n \n\r \r\r\r \r\r H,\r\r\n\r\r\n\r, \n \r,\r \r,,\r,\n H,\r\r\n\n\n,\r\r\n\r#\n\n\n\n\n\n?\n\n@,\r\n* \n\r\n\n\r\r\r\n\r\r\n\n \n\r 0 .05 .1 .15 .2(% discount over RRP) Merger window 2004m1 2007m12 2005m1 2005m12 2006m8 2007m3% discount= (RRP-ASP)/RRP Best Seller .02 .04 .06 .08 .1(% discount over RRP) Merger window 2004m1 2007m12 2005m1 2005m12 2006m8 2007m3% discount= (RRP-ASP)/RRP Deep Range .05 .1 .15(% discount over

9 RRP) Merger window 2004m1 2007m12 2005m1
RRP) Merger window 2004m1 2007m12 2005m1 2005m12 2006m8 2007m3% discount= (RRP-ASP)/RRP Evergreen .1 .2 .3 .4 .5(% discount over RRP) Merger window 2004m1 2007m12 2005m1 2005m12 2006m8 2007m3% discount= (RRP-ASP)/RRP Top OverlapNon overlap 3 -�, ::\r$�,\r\n$$ $,\r\r#0192* \r\r\r \r\r ,\r\n \n\r, \n\n \n\r \r, #,*\r 6 \r\r\n\r\r\n\r, \n\r#�\r,\n\r/$&0191$�\r\n\n.$�&0190* A \r\n $$#?\n\n@*$\n

10 \r \r\n\r\n \
\r \r\n\r\n \r\n\n #.,.\r\n\r\rH$&0191* \n \n\r\n\r \n \r\r\n \n\n \n\r\n \n# \n\n\r\r! /$�.76;ã¢0192* 91 \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r\r \r\r\r\r %\n,\r \n\r �\n\r$ \r\n\r \n\r\n$,\n \n\n/\r\n\n \n \r\n\n\n,#.,.3J,$&\r0191CH/\r\r\n\r$&0199* /\n \n,\r \n,

11  99 \n\r\n\n
99 \n\r\n\n\r\r\r\n\r\r\n\n \n\r Source: Clougherty, Duso, Lee, Seldeslachts(2013) \r\r \r\r\r\r $5 ,$3:$#0190*\r:2=8,\r/\n\n\n\n ,\n \r\n\n\n$ \r \n$\n\n \r\n\n \n\r \n\n\r\r\n \r\r \n\r\n \n \n\r \n\r\n\n\n,#* \n \r 9 \n\r\n\n\n,#\n* H\n\r \n\r\r\n ,\n$ $+$\r3\n$#0192* \n

12  \n\r\r/\n \n\
\n\r\r/\n \n\r \n\n \n, \n\n\r \n#.,. ,\n\r3\n$&+1$0192* \r\r \n \r\n\n, #* \n \r 9\n \n\r\n011= 90 \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r "#$%& \n\n\r\n\n\n \n\r,\r\n\n\n # \n.43\n\n$0192* \r/ \n \n#.,.�,\r\r3\r/\r$&011=C�,\r\n.$43\n\n011I*- \n\n\r\n\n\r

13 \r /\n\n \n\r/ 
\r /\n\n \n\r/ \n \r\n\n\r\r\r\n\r\n\r\n\n\n \n\n#.,.\r/$430110CH\n\n\r3\n\n$0112* \n \r;\n" \n\n\n\r #F\n \n5(\r* � \r (#\r+*, \n ! 92 \n\r\n\n\r\r\r\n\r\r\n\n \n\r (\r\r "#$%& \n\n\n \n" \n\r\r \n\n�\r 92F \n\r \r\r\n,\n\n \n\r\n\r\n% \r\n\n \r\n�@ \r

14 \n \n\r \r\
\n \n\r \r\n\r\r ; \r\n\n\r\r\n\n\r$\n\n\n\n\r \r\r,\r\n# \n $ $\n \r\r,\r\n *\r , \n 9IID\n011D \r\n\r\n\n\n,,,\n\r ,\r ' ,\n \r19,\r\n\r/,\r,\n\n \n\n\n\r\n\n\n ,\n\r,\n\n\r\n\r \r,9* " ,\n $0*9$111\n \r ,\n $\r2* \n\r ! 9= \n\r\n\n\r\r\r\n\r\r\n

15 \n \n\r (\r\r
\n \n\r (\r\r "#$%& 9D \n\r\n\n\r\r\r\n\r\r\n\n \n\r Source: Buccirossi, Ciari, Duso, Spagnolo, Vitale (REStat2013) (\r\r "#$%& \n\n\r \n\n\r( \r+, \n$ \n\n\n,\r\r\n\n\n9K \n \r,\r\r\n -.,.\n\n \r\n\n\r\n)!\r01190110$\r00.9K\n\r(, \n\r\n\n#\rL \nM1.8K \nD.0K* \r\n\n \n\r\r\r \n#\n\r\n\r\r\n*\r\n\r

16 \n\n \n#\n\r\n,\
\n\n \n#\n\r\n,\r\n*\n\n\r,\n ! 9E \n\r\n\n\r\r\r\n\r\r\n\n \n\r (\r\r "#$%& \r\n$ \r\n \r\n \n\r/ 9. A \n#,\r\r\n@,\n\r\n \n\n\r$.,. \r4N+$0112$ $011D* \r\r,\r, \r\n#6 \r\r$9II8* 0. ;\n \r\n\n\r \n \r ,\r\n\n \n\r \r\n\n\r.,\r\r\n , \n\r \r\n \n\n\n,\r\n\n \n\r \n

17 \n\n\r\r\n\r\n\n#
\n\n\r\r\n\r\n\n#\r, \r*$ \n, #(* 2. \n\r,\n\r\n\r \n \r, \n 3\n, \n\r\r\r \n#.,.\n\n$,$ \n$ \r\n\r$\r\r\r\n\n\r*/\n\n;\n\r\n F\n\n\n;\n\r\n\n \n \n\r ! 98 \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r\n\n \r \n\r \r\n" \n\r -\r,\r. .\r\n \r,\r \r\n \n\r\r\n\n\r\n\r,\r

18 \r\n\n \r\n\n
\r\n\n \r\n\n \n\r \n\n \r\n \n \n 4\n\r\n \r \r\n \n\n\r \r\n \n \r\n\n\r \n\n\r \n #\r\n\r\n\n \n\r* \r\r\n 4\n\r\r\r,\r\r,\n\r \r\n,\r \r\r\r,\n\r\n \r,: . 9G \n\r\n\n\r\r\r\n\r\r\n\n \n\r -\r\r\r\r ,\n$&$ $B +$\r&3\n$0192$O\n\r\r)B,$O. �,

19 ::\r$+ $\r�,\r\n
::\r$+ $\r�,\r\n$+\r:$ $\rB,\r\r$0192$O;\nB, \n\r\r\n)!4\nB/\n/$O. $$! 5 ,$\r(\r3:$0190$O�\r�\r\n\n011=)B,4$O \rHDG. $$+\r:$ $5\r3,\r$\r\n\rA\n$0190$O\n\n\r\r \n\n5 \n-�\r�\r\n$O \n \r \r$\n\r,. $$0190$O�;\nB, \n\r-

20 .33;å,4\n$O\r\r
.33;å,4\n$O\r\r3FN.$B\r\rB,\r\n$3\n/-3 \n\n\r.33;å \n\n. $$! 5 ,$\r \rP \n, $0199$O6 \n \rB,\r\n$O \r \r $0199$DD$8$IG17911E. $$\rH\r$\r+6\r/4N$0118$O\n\r \rB,\r\n-\r)\r,3\n/B/\n\n$O \r \n\r \r $0118$D1$2$=DD7=GI. - 9I \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r/ \n\n\r\n\r. \n\r\n

21 \n\n \n
\n\n \nB\r\nQDG$91998\r . . \n R . \r\r \r/ \r $\n.#&+0118$40199$0190* \n\n \r\n), \r \r\n, \n\r:5\n \r 9II170118 ,\n\r\n\r 2DD, -#\n*0 \r9 \r\n\n \n \n),\r\n.( /\r\n \r\n \n \n\r -�,\r \r,\n\n@\n\r\n\n,#(\r3$�49II1* \r\n -3\n/

22 /\n\r\n\n \n\n
/\n\r\n\n \n\n,\r,\r\n\r#.,./$&($9IG2 �, \r\n\r\n\n\n \n\r\n\n, \r @��4, #\r ,* 0 09 \n\r\n\n\r\r\r\n\r\r\n\n \n\r \r\r \n\n \r\n\n\n//\n@\n\r 0 00 \n\r\n\n\r\r\r\n\r\r\n\n \n\r 90 E.9.E.9.G.9.G.0.G.2.\n\r\n.�\r\n\n\n#4@&#x-0.5;á²ã&#x-0.5;á²ã4S1*GD22

23 982DI98I\n\n#4@&#x-0.
982DI98I\n\n#4@&#x-0.5;á²ã&#x-0.5;á²ã4T1*I021902G=98E\n988E20I82922DD \r\n\n\n \r\n\n\n 3 - $5 ,$3:#0190* \r\r 02 \n\r\n\n\r\r\r\n\r\r\n\n \n\r ?��4 ! 1 �Ù�Ù \r\n#\r$ !\n 3 - $5 ,$3:#0190* \n\r\n \n \r \n\n\n//\n@\n\r\r\r \n9\r\n0 \r\r \n- " \r \n ,\r\r\n \n\n,\r0

24 11= \r,\n\n
11= \r,\n\n, H\n\n\n\n \n\n\n\n\r\n \r\n\r-\n\n '\r /\r 9 #\r\n\n \n\r*$ \r\n/\n \r \r \r \r \n\r\n\n, ./\r )3 \r#\n* /\r0\r/ \r)3\r.3@ \r \r #/,\r\r\n,\n,\n,U\n\n* 0 0= \n\r\n\n\r\r\r\n\r\r\n\n \n

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