个人陈述-市场效率
研究人员主要开发并使用了市场效率假说，以确定基本的价格效率或投资者对它的看法是企业收购策略的一部分。因此，对股票价格的感知使得对收购的现金投标和公开市场报价之间的决策成为可能。公开市场报价是由投资者选择的，其中股票价格不知情，股票的真正内在价值不代表(装甲和Cheffins, 2016)。然而，当对股票价格的信心和对组织内在价值的认同时，现金投标的报价是当前的收购方法。因此，如果取得了可靠的假设，就会提出收购和交换投标建议。
研究人员在Fama有效市场假说的基础上提出了这一主张，即股价并不一定是内在组织价值的晴雨表，而是投资者对准确性的信念(Armour和Cheffins, 2016)。因此，有效市场假说的半强势形式是这一发展的基础.
The researchers have primarily developed and used the market efficiency hypothesis for surfacing the point that the fundamental price efficiency or the investors’ perception about it is integral to the strategy of the corporate takeovers. Hence, the perception of the share prices enables the decision making between the offers of cash tender and open market bids for the acquisitions. The open market bids are selected by the investors wherein the share prices are not informed and the true intrinsic value of the stock is not represented (Armour and Cheffins, 2016). However, when the confidence about the share prices is present and identification of the intrinsic worth of organization is made, the offers of cash tenders are the prevailing method of acquisition. Hence, the bids of take over and exchange tender proposals are made if the reliable assumptions are achieved.
The researchers have developed the claim on the basis of the efficient market hypothesis of Fama that the share price does not essentially have to be the barometer of the intrinsic organizational value, but it is the belief of the investors over the accuracy (Armour and Cheffins, 2016). Therefore, the semi-strong form of the efficient market hypothesis was the basis for this development.
