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Cited by 273

The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.

Noise Trading and Takeovers

Kyle, Albert S., Vila, Jean-Luc·1991·The RAND Journal of Economics
DOI 10.2307/2601007
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Abstract

A model of takeovers is investigated in which "noise trading" provides camouflage that makes it possible for a large corporate outsider to purchase enough shares at favorable prices so that takeovers become profitable. Although the model accommodates the possibility of dilution (Grossman and Hart, 1980) and a large incumbent shareholder (Shleifer and Vishny, 1986), neither dilution nor a large incumbent shareholder is necessary for costly takeovers to be profitable. Noise trading tends to encourage costly takeovers that otherwise would not occur and to discourage beneficial takeovers that otherwise would occur.

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Metadata

Authors
Kyle, A. S., & Vila, J.-L.
Venue
The RAND Journal of Economics
Publisher
Wiley
Published
1991
Volume
22
Issue
1
Pages
54
ISSN
0741-6261 (ISSN-L)
DOI
10.2307/2601007
OpenAlex
W2056672581
Cited by
273
References
7
FWCI
13.42
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Noise Trading and Takeovers. https://app.cochat.ai/papers/10.2307/2601007
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Kyle, A. S., & Vila, J.-L. (1991). Noise Trading and Takeovers. The RAND Journal of Economics. https://doi.org/10.2307/2601007

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.