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According to Dyckman and Morse, Why do the bidders in takeovers pay more for their acquisitions than the market price? Does the market penalize bidders

According to Dyckman and Morse, Why do the bidders in takeovers pay more for their acquisitions than the market price? Does the market penalize bidders for paying too much? Is this premium, paid by bidders in takeovers, evidence of market efficiency?


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