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Center Director B. Espen Eckbo Recognized For Research

Center Director B. Espen Eckbo has been recognized for research by one of the leading academic finance journals, The Review of Financial Studies. Professor Eckbo's paper "Toeholds, Bid Jumps, and Expected Payoffs in Takeovers," coauthored with Professor Sandra Betton of Concordia University, received the journal's Barclays Global Investors/Michael Brennan Prize for best paper published in the year 2000 (volume 13). The article provides evidence on the size and impact of bid premiums and toeholds-a pre-offer ownership stake in the target company-on outcome probabilities and expected payoffs in a large sample of tender offer contests in the U.S. Professors Eckbo and Betton received the award at the annual meeting of the Western Finance Association in June.