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We use the BBD policy uncertainty index developed by Baker, Bloom, and Davis (2016) as a proxy to examine how policy-related economic uncertainty affects firm acquisitiveness, the time it takes to complete a deal, the method of payment, and acquirer and target shareholder value.
Then again, I'm not a Target shareholder, so why should I care?
Target's costs -- rather, Target shareholder's costs -- associated with this breach included a $19 million payment to the banks issuing the compromised cards.
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Although the issue requires further study, current evidence implies that prohibition of targeted large-block repurchases advocated by some may hurt target shareholders.
Empirical evidence also indicates that some managerial opposition benefits target shareholders.
To explain their disappointment, one must understand how target shareholders form expectations of premium to be received.
The defenses can also be an important bargaining tool to get a better price for target shareholders.
The target shareholders obtain the merger consideration for their shares, if they have not already sold them earlier.
Moreover, initiated deals have a significantly lower probability of being completed when the courts' friendliness toward target shareholders increases.
Research also indicates that the losses represent true wealth destruction in the aggregate and not simply a wealth transfer from bidder shareholders to target shareholders.
Exhibit I indicates that target shareholders benefit when the bidders offer substantial premiums over current market value.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com