Researchers point to the decades of the 1960s and 1970s as a period when internal capital markets may have been superior to external capital markets in the U.S
To test this argument, Hubbard and Palia (1999) examined 392 bidding firms involved in mergers in the 1960s. Those bidders that realized the highest returns from merger were cases in which the bidding firm was financially (i) while the target firm was financially (ii).
(i) (ii)
a. constrained unconstrained
b. unconstrained constrained
B
You might also like to view...
Which of the following refers to a system under which the exchange rate for converting one currency into another is continuously adjusted depending on the laws of supply and demand?
A. Fixed exchange rate B. Floating exchange rate C. Forward exchange rate D. Pegged exchange rate E. Nominal exchange rate
When a supervisor is confronted with a recurring problem, a ________ is created because it is simple to follow and ensures consistency
A) procedure B) standard C) policy D) program E) rule