Comparing acquisitions and divestitures

Journal of Corporate Finance

Volumn 6, Issue 2, 2000, Pages 117-139

  Mulherin, J Harold ^a   Boone, Audra L ^a  

^a PENNSYLVANIA STATE UNIVERSITY   (United States)

Author keywords

Acquisitions; Asset sales; Equity carve outs; Spinoffs; Synergy

Indexed keywords

EID: 0001186812     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0929-1199(00)00010-9     Document Type: Article

References (34)

1. Allen J.W., McConnell J.J. Equity carve-outs and managerial discretion. Journal of Finance. 53:1998;163-186.
2. Andrade, G., Stafford, E., 1999. Investigating the Economic Role of Mergers. Unpublished manuscript, Harvard Business School.
3. Asquith, P., Bruner, R.F., Mullins Jr., D.W., 1990. Merger Returns and the Form of Financing. Unpublished manuscript, Massachusetts Institute of Technology.
4. Boone, A.L., 1999. Can Focus Explain Carve-Out Gains? Unpublished manuscript, Penn State University.
5. Bradley M., Desai A., Kim E.H. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics. 21:1988;3-40.
6. Brown D.T., James C.M., Mooradian R.M. Asset sales by financially distressed firms. Journal of Corporate Finance. 1:1994;233-257.
7. Coase R.H. The nature of the firm. Economica. 4:1937;386-405.
8. Comment R., Schwert G.W. Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. Journal of Financial Economics. 39:1995;3-43.
9. Dasgupta, S., Goyal, V., Tan, G., 1999. Active Asset Markets, Divestitures and Divisional Cross-Subsidization. Unpublished manuscript, Hong Kong University of Science and Technology.
10. Hite G.L., Owers J.E. Security price reactions around corporate spin-off announcements. Journal of Financial Economics. 12:1983;409-436.
11. Jarrell G.A., Poulsen A.B. The returns to acquiring firms in tender offers: evidence from three decades. Financial Management. 18:1989;12-19.
12. Jarrell G.A., Brickley J.A., Netter J.M. The market for corporate control: the empirical evidence since 1980. Journal of Economic Perspectives. 2:1988;49-68.
13. Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review. 76:1986;323-329.
14. Jensen M.C. The modern industrial revolution: exit, and the failure of internal control systems. Journal of Finance. 48:1993;831-880.
15. Jensen M.C., Ruback R.S. The market for corporate control: the scientific evidence. Journal of Financial Economics. 11:1983;5-50.
16. Kahle K.M., Walkling R.A. The impact of industry classifications on financial research. Journal of Financial and Quantitative Analysis. 31:1996;309-335.
17. Kaplan S.N., Weisbach M.S. The success of acquisitions: evidence from divestitures. Journal of Finance. 47:1992;107-138.
18. Klein A. The timing and substance of divestiture announcements: individual, simultaneous and cumulative effects. Journal of Finance. 41:1986;685-696.
19. Klein B., Murphy K.M. Vertical integration as a self-enforcing contractual arrangement. American Economic Review. 87:1997;415-420.
20. Klein B., Crawford R.G., Alchian A.A. Vertical integration, appropriable rents, and the competitive contracting process. Journal of Law and Economics. 21:1978;297-326.
21. Krishnaswami S., Subramaniam V. Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics. 53:1999;73-112.
22. Lang L., Poulsen A., Stulz R. Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics. 37:1995;3-37.
23. Maksimovic, V., Phillips, G., 1999. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains. Unpublished manuscript, University of Maryland.
24. Miles J.A., Rosenfeld J.D. The effect of voluntary spin-off announcements on shareholder wealth. Journal of Finance. 38:1983;1597-1606.
25. Mitchell M.L., Lehn K. Do bad bidders become good targets? Journal of Political Economy. 98:1990;372-398.
26. Mitchell M.L., Mulherin J.H. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics. 41:1996;193-229.
27. Mitchell M.L., Stafford E. Managerial decisions and long run stock price performance. Journal of Business. 1999;. (forthcoming).
28. Roll R. The Hubris theory of corporate takeovers. Journal of Business. 59:1986;197-216.
29. Schipper K., Smith A. Effects of recontracting on shareholder wealth: the case of voluntary spin-offs. Journal of Financial Economics. 12:1983;437-467.
30. Schipper K., Smith A. A comparison of equity carve-outs and seasoned equity offerings: share price effects and corporate restructuring. Journal of Financial Economics. 15:1986;153-186.
31. Schwert G.W. Hostility in takeovers: in the eyes of the beholder? Journal of Finance. 2000;. (forthcoming).
32. Servaes H. Tobin's Q and the gains from takeovers. Journal of Finance. 46:1991;409-419.
33. Shleifer A., Vishny R.W. Managerial entrenchment: the case of manager-specific investments. Journal of Financial Economics. 25:1989;123-139.
34. Vijh, A.M., 1999. The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains? Unpublished manuscript, University of Iowa.