Effect of independent expert reports in Australian takeovers

Bugeja, M

Effect of independent expert reports in Australian takeovers

Bugeja, M

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Publication Type:: Journal Article
Citation:: Accounting and Finance, 2005, 45 (4), pp. 519 - 536
Issue Date:: 2005-12-01

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Field	Value	Language
dc.contributor.author	Bugeja, M https://orcid.org/0000-0002-1941-5092	en_US
dc.date.issued	2005-12-01	en_US
dc.identifier.citation	Accounting and Finance, 2005, 45 (4), pp. 519 - 536	en_US
dc.identifier.issn	0810-5391	en_US
dc.identifier.uri	http://hdl.handle.net/10453/10306
dc.description.abstract	The Corporations Law 2001 mandates the preparation of an expert report in circumstances where the bidder is perceived to have a superior bargaining position. The present study tests whether the findings in Eddey (1993) can be extrapolated to all bids, irrespective of payment method. Inconsistent with Eddey, the results indicate that target premiums are lower where an expert report is required. The results confirm a higher frequency of price revisions where an expert indicates that the offer is 'not fair'. However, this increased offer is insufficient to raise the price to the level in takeovers without expert reports. © 2005 AFAANZ.	en_US
dc.relation.ispartof	Accounting and Finance	en_US
dc.relation.isbasedon	10.1111/j.1467-629X.2005.00144.x	en_US
dc.subject.classification	Accounting	en_US
dc.title	Effect of independent expert reports in Australian takeovers	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	45	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	45	en_US

Abstract:

The Corporations Law 2001 mandates the preparation of an expert report in circumstances where the bidder is perceived to have a superior bargaining position. The present study tests whether the findings in Eddey (1993) can be extrapolated to all bids, irrespective of payment method. Inconsistent with Eddey, the results indicate that target premiums are lower where an expert report is required. The results confirm a higher frequency of price revisions where an expert indicates that the offer is 'not fair'. However, this increased offer is insufficient to raise the price to the level in takeovers without expert reports. © 2005 AFAANZ.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/10306