Studying a sample of firms drawn from the 1980 Value Line, results demonstrate that firms which are poor diversifiers and those that fail to build rent- generating strategic resources are the most frequent targets of hostile takeover.
Tobin's q, synergy, intangible assets
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Opler, Tim C., "Hostile Takeovers and Intangible Resources : An Empirical Investigation" (1992). Historical Working Papers. 152.