{"id":"https://openalex.org/W2015681947","doi":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","title":"Buy Smart, Time Smart: Are Takeovers Driven by Growth Opportunities or Mispricing?","display_name":"Buy Smart, Time Smart: Are Takeovers Driven by Growth Opportunities or Mispricing?","publication_year":2011,"publication_date":"2011-12-01","ids":{"openalex":"https://openalex.org/W2015681947","doi":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","mag":"2015681947"},"language":"en","primary_location":{"id":"doi:10.1111/j.1755-053x.2011.01166.x","doi":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5017598842","display_name":"Sjoerd van Bekkum","orcid":"https://orcid.org/0000-0003-4723-3664","observed_orcids":["https://orcid.org/0000-0003-4723-3664"]},"institutions":[{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Sjoerd Van Bekkum","raw_affiliation_strings":["Sjoerd Van Bekkum is an Assistant Professor at the Erasmus School of Economics at Erasmus University in Rotterdam, Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Sjoerd Van Bekkum is an Assistant Professor at the Erasmus School of Economics at Erasmus University in Rotterdam, Netherlands","institution_ids":["https://openalex.org/I913958620"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5025969938","display_name":"Han T. J. Smit","orcid":"https://orcid.org/0009-0009-8355-7771","observed_orcids":["https://orcid.org/0009-0009-8355-7771"]},"institutions":[{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Han Smit","raw_affiliation_strings":["Han Smit is a Professor at the Erasmus School of Economics at ErasmusUniversity in Rotterdam, Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Han Smit is a Professor at the Erasmus School of Economics at ErasmusUniversity in Rotterdam, Netherlands","institution_ids":["https://openalex.org/I913958620"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5073075555","display_name":"Enrico Pennings","orcid":"https://orcid.org/0000-0003-1403-9857","observed_orcids":["https://orcid.org/0000-0003-1403-9857"]},"institutions":[{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Enrico Pennings","raw_affiliation_strings":["Enrico Pennings is a Professor at the Erasmus School of Economics at Erasmus University in Rotterdam, Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Enrico Pennings is a Professor at the Erasmus School of Economics at Erasmus University in Rotterdam, Netherlands","institution_ids":["https://openalex.org/I913958620"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I913958620"],"apc_list":{"value":2850,"currency":"USD","value_usd":2850},"apc_paid":null,"fwci":6.81,"has_fulltext":false,"cited_by_count":22,"citation_normalized_percentile":{"value":0.96419601,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"40","issue":"4","first_page":"911","last_page":"940"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0017999999690800905,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9610000252723694},{"id":"https://openalex.org/keywords/corporate-acquisition","display_name":"corporate acquisition","score":0.7519999742507935},{"id":"https://openalex.org/keywords/growth-opportunities","display_name":"growth opportunities","score":0.8989999890327454},{"id":"https://openalex.org/keywords/bidder-selection","display_name":"bidder selection","score":0.40299999713897705},{"id":"https://openalex.org/keywords/price-correction","display_name":"price correction","score":0.3409999907016754}],"concepts":[{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.6412110924720764},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.6171812415122986},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5522777438163757},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4938405156135559},{"id":"https://openalex.org/C94931360","wikidata":"https://www.wikidata.org/wiki/Q607728","display_name":"Irrational number","level":2,"score":0.4708064794540405},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3683229386806488},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.32564371824264526},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2178334891796112},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.07484018802642822},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1111/j.1755-053x.2011.01166.x","doi":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2011.01166.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:pure.eur.nl:openaire_cris_publications/d852c6e1-7045-49f4-9d2f-0a6cb991df72","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/d852c6e1-7045-49f4-9d2f-0a6cb991df72","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"van Bekkum, S, Smit, H & Pennings, E 2011, 'Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing?', Financial Management - FM, vol. 40, no. 4, pp. 911-940. https://doi.org/10.1111/j.1755-053X.2011.01166.x","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:eur:oai:pure.eur.nl:publications/d852c6e1-7045-49f4-9d2f-0a6cb991df72","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/d852c6e1-7045-49f4-9d2f-0a6cb991df72","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Financial Management - FM, 40(4), 911 - 940. Wiley-Blackwell","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:bla:finmgt:v:40:y:2011:i:4:p:911-940","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1111/j.1755-053X.2011.01166.x","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":77,"referenced_works":["https://openalex.org/W1491519893","https://openalex.org/W1548953477","https://openalex.org/W1591099623","https://openalex.org/W1952586206","https://openalex.org/W1987847536","https://openalex.org/W1992413128","https://openalex.org/W1993389919","https://openalex.org/W1995503011","https://openalex.org/W2000578291","https://openalex.org/W2010842384","https://openalex.org/W2015853897","https://openalex.org/W2028731944","https://openalex.org/W2030149581","https://openalex.org/W2036696506","https://openalex.org/W2044854242","https://openalex.org/W2055554815","https://openalex.org/W2058740981","https://openalex.org/W2059149223","https://openalex.org/W2060542710","https://openalex.org/W2066100804","https://openalex.org/W2066949602","https://openalex.org/W2068518527","https://openalex.org/W2085926566","https://openalex.org/W2090856220","https://openalex.org/W2092586461","https://openalex.org/W2103815618","https://openalex.org/W2104795328","https://openalex.org/W2105963030","https://openalex.org/W2108260356","https://openalex.org/W2108817771","https://openalex.org/W2123343520","https://openalex.org/W2126311658","https://openalex.org/W2136408930","https://openalex.org/W2144738716","https://openalex.org/W2146930477","https://openalex.org/W2147647881","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2155278616","https://openalex.org/W2156094085","https://openalex.org/W2159935017","https://openalex.org/W2161577544","https://openalex.org/W2385504027","https://openalex.org/W2413573154","https://openalex.org/W2568096850","https://openalex.org/W2588662777","https://openalex.org/W2891680107","https://openalex.org/W2893941034","https://openalex.org/W3021092167","https://openalex.org/W3121167728","https://openalex.org/W3121539871","https://openalex.org/W3121608236","https://openalex.org/W3121910059","https://openalex.org/W3121925006","https://openalex.org/W3122096248","https://openalex.org/W3123446500","https://openalex.org/W3123502919","https://openalex.org/W3123529374","https://openalex.org/W3123796494","https://openalex.org/W3123819895","https://openalex.org/W3123823553","https://openalex.org/W3123914693","https://openalex.org/W3124284666","https://openalex.org/W3124332939","https://openalex.org/W3124380860","https://openalex.org/W3124450204","https://openalex.org/W3124760321","https://openalex.org/W3125139305","https://openalex.org/W3125200645","https://openalex.org/W3125554563","https://openalex.org/W3125989660","https://openalex.org/W3126090201","https://openalex.org/W4233594550","https://openalex.org/W4249692389","https://openalex.org/W4365787967","https://openalex.org/W4392997242","https://openalex.org/W6629423181"],"related_works":["https://openalex.org/W3124123398","https://openalex.org/W7099647464","https://openalex.org/W7096999323","https://openalex.org/W3124940543","https://openalex.org/W2116404098","https://openalex.org/W2743623120","https://openalex.org/W2005983823","https://openalex.org/W7098747875","https://openalex.org/W1515373475","https://openalex.org/W2183146823"],"abstract_inverted_index":{"Excessively":[0],"high":[1,59],"pricing":[2],"by":[3,10,15,19],"bidders":[4,90],"and":[5,36,66,68],"targets":[6,70],"can":[7],"be":[8],"explained":[9],"new":[11,31],"growth":[12,42,64,78],"opportunities":[13,65],"created":[14],"the":[16],"merger":[17],"or":[18,44],"irrational":[20],"overpricing":[21],"in":[22,94],"financial":[23],"markets.":[24],"We":[25,50],"integrate":[26],"both":[27],"explanations":[28],"through":[29],"a":[30],"decomposition":[32],"of":[33,63],"firm":[34],"value":[35,43],"investigate":[37],"whether":[38],"it":[39],"is":[40],"\u201ctrue\u201d":[41],"mispricing":[45],"that":[46,52,71],"drives":[47],"takeover":[48],"waves.":[49],"find":[51],"\u201cbidders":[53],"buy":[54],"smart.\u201d":[55,85],"Bidders":[56,80],"primarily":[57],"have":[58],"market":[60],"values":[61],"because":[62],"overpricing,":[67],"select":[69],"are":[72,91],"less":[73],"overpriced":[74],"with":[75],"similar":[76],"fundamental":[77],"value.":[79],"also":[81],"seem":[82],"to":[83,96],"\u201ctime":[84],"Takeover":[86],"activity":[87],"increases":[88],"when":[89],"more":[92],"overpriced,":[93],"order":[95],"cushion":[97],"against":[98],"price":[99],"corrections.":[100]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":3},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
