The paper aims to present an exchange ratio for merging companies that incorporates the change in the level of riskiness. The paper is a theoretical one. Its main objective has been achieved exploiting standard modern finance results such as Capital Asset Pricing Model Capital Asset Pricing Model (CAPM). The paper offers a formula that determines a risk-adjusted exchange ratio that takes into account both risk and synergy.
Exchange ratio determination in a market equilibrium
Moretto, Enrico
;Rossi, Stefano
2008
Abstract
The paper aims to present an exchange ratio for merging companies that incorporates the change in the level of riskiness. The paper is a theoretical one. Its main objective has been achieved exploiting standard modern finance results such as Capital Asset Pricing Model Capital Asset Pricing Model (CAPM). The paper offers a formula that determines a risk-adjusted exchange ratio that takes into account both risk and synergy.
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