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Use of reference point theory to explain the price paid for private targets

机译：参考点理论的使用解释私人目标支付的价格

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摘要

We investigate whether reference points influence the price paid for private targets. Contrary to prior literature, we consider reference points of both target and bidder firms. Because market valuations of private targets are not available, we use comparable public firms and actual deals to derive an implied reference point for private targets. We find that when private firms have an implied valuation that is further from their implied reference points, they require a higher premium. In addition we find that the price paid for private targets is influenced by the bidder's own reference point. We also show that the degree to which the target reference point influences the price paid for private targets is time-varying and affected by the prevailing economy. Private targets rely less heavily on their implied reference point to negotiate their takeover price when economic conditions are strong. Our findings confirm existing evidence that behavioral biases (reference points) are an important determinant of observed acquisition premiums.
机译：我们调查参考点是否影响私人目标的价格。与现有文献相反，我们考虑了目标和投标人的参考点。由于私人目标的市场估值不可用，我们使用可比较的公共公司和实际交易来派生私有目标的暗示参考点。我们发现，当私营公司有一个暗示的估值时，他们需要更高的溢价。此外，我们发现为私人目标支付的价格受到投标人自己的参考点的影响。我们还表明，目标参考点影响为私人目标支付的价格是时变，受到普遍经济的影响。私人目标依靠他们隐含的参考点依然依赖，以便在经济条件强劲时谈判其收购价格。我们的研究结果证实了现有的证据，即行为偏见（参考点）是观察到的收购保费的重要决定因素。

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