메뉴 건너뛰기




Volumn 17, Issue 1, 1996, Pages 45-55

Postmerger performance, managerial superiority and the market for corporate control

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0001873636     PISSN: 01436570     EISSN: 10991468     Source Type: Journal    
DOI: 10.1002/(SICI)1099-1468(199601)17:1<45::AID-MDE733>3.0.CO;2-K     Document Type: Article
Times cited : (8)

References (66)
  • 1
    • 21144460038 scopus 로고
    • The post-merger performance of acquiring firms: A re-ex-amination of an anomaly
    • A. Agrawal, J. Jaffe and G. Mandelker (1992). The post-merger performance of acquiring firms: a re-ex-amination of an anomaly. Journal of Finance, September, 1605–22.
    • (1992) Journal of Finance , vol.September , pp. 1605-1622
    • Agrawal, A.1    Jaffe, J.2    Mandelker, G.3
  • 2
    • 48749149426 scopus 로고
    • Merger bids, uncertainty and stock-holder returns
    • P. Asquith (1983). Merger bids, uncertainty and stock-holder returns. Journal of Financial Economics, April, 51–83.
    • (1983) Journal of Financial Economics , vol.April , pp. 51-83
    • Asquith, P.1
  • 3
    • 84986782781 scopus 로고
    • Strategic groups: Untested assertions and research proposals
    • J. Barney and R. Hoskisson (1990). Strategic groups: untested assertions and research proposals. Managerial and Decision Economics, July, 187–98.
    • (1990) Managerial and Decision Economics , vol.July , pp. 187-198
    • Barney, J.1    Hoskisson, R.2
  • 6
    • 0000298841 scopus 로고
    • The use of excess cash and debt capacity as a motive for mergers
    • R. Bruner (1988). The use of excess cash and debt capacity as a motive for mergers. Journal of Financial and Quantitative Analysis, June, 199–217.
    • (1988) Journal of Financial and Quantitative Analysis , vol.June , pp. 199-217
    • Bruner, R.1
  • 7
    • 45249127099 scopus 로고
    • Mergers, takeovers, and economic efficiency: Foresight vs. hindsight
    • R. Caves (1989). Mergers, takeovers, and economic efficiency: foresight vs. hindsight. International Journal of Industrial Organization, March, 151–74.
    • (1989) International Journal of Industrial Organization , vol.March , pp. 151-174
    • Caves, R.1
  • 8
    • 84959825367 scopus 로고
    • From entry barriers to mobility barriers: Conjectural decisions and contrived deterrence to new competition
    • R. Caves and M. Porter (1977). From entry barriers to mobility barriers: conjectural decisions and contrived deterrence to new competition. Quarterly Journal of Economics, May, 241–61.
    • (1977) Quarterly Journal of Economics , vol.May , pp. 241-261
    • Caves, R.1    Porter, M.2
  • 9
    • 84959841474 scopus 로고
    • Interfirm profitability differences: Comment
    • R. Caves, B. Gale and M. Porter (1977). Interfirm profitability differences: comment. Quarterly Journal of Economics, November, 667–80.
    • (1977) Quarterly Journal of Economics , vol.November , pp. 667-680
    • Caves, R.1    Gale, B.2    Porter, M.3
  • 11
    • 84984420158 scopus 로고
    • Postmerger performance among homogeneous firm samples
    • D. Choi and G. Philippatos (1984). Postmerger performance among homogeneous firm samples. The Financial Review, May, 173–92.
    • (1984) The Financial Review , vol.May , pp. 173-192
    • Choi, D.1    Philippatos, G.2
  • 12
    • 84891379905 scopus 로고
    • Diversification and mergers in a strategic long range planning frame-work
    • M. Keenan, L. White, Lexington, D.C. Heath
    • K. Chung and J. Weston (1982). Diversification and mergers in a strategic long range planning frame-work, In Mergers and Acquisition (edited by M. Keenan and L. White), Lexington: D.C. Heath.
    • (1982) Mergers and Acquisition
    • Chung, K.1    Weston, J.2
  • 13
    • 0000704920 scopus 로고
    • R & D, market structure and profits: A value-based approach
    • R. Connolly and M. Hirschey (1984). R & D, market structure and profits: a value-based approach. Review of Economics and Statistics, July, 682–6.
    • (1984) Review of Economics and Statistics , vol.July , pp. 682-686
    • Connolly, R.1    Hirschey, M.2
  • 14
    • 84963197872 scopus 로고
    • Risk, return and international investment by U.S. corporations
    • R. Defusco, G. Philippatos, and D. Choi (1988). Risk, return and international investment by U.S. corporations. Applied Economics, September, 1199–1208.
    • (1988) Applied Economics , vol.September , pp. 1199-1208
    • Defusco, R.1    Philippatos, G.2    Choi, D.3
  • 15
    • 0002004281 scopus 로고
    • Industry structure, market rivalry, and public policy
    • H. Demsetz (1973). Industry structure, market rivalry, and public policy, Journal of Law and Economics, April, 1–10.
    • (1973) Journal of Law and Economics , vol.April , pp. 1-10
    • Demsetz, H.1
  • 17
    • 12944252580 scopus 로고
    • Mergers and cartels: Some reservations about policy
    • D. Dewey (1961). Mergers and cartels: some reservations about policy. American Economic Review: Papers and Procedings, May, 255–62.
    • (1961) American Economic Review Papers and Procedings , vol.May , pp. 255-262
    • Dewey, D.1
  • 18
    • 0009234287 scopus 로고
    • Horizontal mergers, collusion and stockholder wealth
    • B. Eckbo (1983). Horizontal mergers, collusion and stockholder wealth. Journal of Financial Economics, April, 241–74.
    • (1983) Journal of Financial Economics , vol.April , pp. 241-274
    • Eckbo, B.1
  • 19
    • 0009234288 scopus 로고
    • Mergers and the market concentration doctrine: Evidence from the capital market
    • B. Eckbo (1985). Mergers and the market concentration doctrine: evidence from the capital market, Journal of Business, March, 325–49.
    • (1985) Journal of Business , vol.March , pp. 325-349
    • Eckbo, B.1
  • 20
    • 0040022700 scopus 로고
    • Mergers, antitrust law enforcement and stockholder returns
    • J. Ellert (1976). Mergers, antitrust law enforcement and stockholder returns. Journal of Finance, May, 715–32.
    • (1976) Journal of Finance , vol.May , pp. 715-732
    • Ellert, J.1
  • 21
    • 8744265362 scopus 로고
    • The application of an entropy theory of concentration to the Clayton Act
    • M. Finkelstein and R. Friedberg (1967). The application of an entropy theory of concentration to the Clayton Act. Yale Law Journal, March, 677–717.
    • (1967) Yale Law Journal , vol.March , pp. 677-717
    • Finkelstein, M.1    Friedberg, R.2
  • 23
    • 84987490514 scopus 로고
    • Tender offers and free cash flow: An empirical analysis
    • R. Hanson (1992). Tender offers and free cash flow: an empirical analysis. The Financial Review, May, 185–209.
    • (1992) The Financial Review , vol.May , pp. 185-209
    • Hanson, R.1
  • 24
    • 0001458192 scopus 로고
    • The efficiency effects of hostile takeovers
    • J. Coffee, L. Lowenstein, S. Rose-Ackerman, New York, Oxford University Press
    • E. Herman and L. Lowenstein (1988). The efficiency effects of hostile takeovers. In Knights, Raiders and Targets: The Impact of Hostile Takeover (edited by J. Coffee L. Lowenstein and S. Rose-Ackerman) New York: Oxford University Press pp. 211–40.
    • (1988) Knights, Raiders and Targets: The Impact of Hostile Takeover , pp. 211-240
    • Herman, E.1    Lowenstein, L.2
  • 25
    • 84885627663 scopus 로고
    • Intangible Capital Aspects of Advertising and R & D Expenditures
    • M. Hirschey (1982) Intangible Capital Aspects of Advertising and R & D Expenditures. Journal of Industrial Economics, June, 375–390.
    • (1982) Journal of Industrial Economics , vol.June , pp. 375-390
    • Hirschey, M.1
  • 26
    • 0013417425 scopus 로고
    • The profitability of corporate mergers
    • T. Hogarty (1970). The profitability of corporate mergers. Journal of Business, July, 317–27.
    • (1970) Journal of Business , vol.July , pp. 317-327
    • Hogarty, T.1
  • 27
    • 8744236493 scopus 로고
    • Employment concentration in the common market: An entropy approach
    • Journal of the Royal Statistical Society, A, Part 3
    • I. Horowitz (1970). Employment concentration in the common market: an entropy approach. Journal of the Royal Statistical Society, A, Part 3, 463–79.
    • (1970) Journal of the Royal Statistical Society , pp. 463-479
    • Horowitz, I.1
  • 28
    • 25144499193 scopus 로고
    • Numbers-equivalents in U. S. manufacturing industries: 1954, 1958 and 1963
    • I. Horowitz (1971). Numbers-equivalents in U. S. manufacturing industries: 1954, 1958 and 1963. Southern Economic Journal, April, 396–408.
    • (1971) Southern Economic Journal , vol.April , pp. 396-408
    • Horowitz, I.1
  • 29
    • 0000034210 scopus 로고
    • Entropy, Markov processes and competition in the brewing industry
    • A. Horowitz and I. Horowitz (1968). Entropy, Markov processes and competition in the brewing industry. Journal of Industrial Economics, May, 196–211.
    • (1968) Journal of Industrial Economics , vol.May , pp. 196-211
    • Horowitz, A.1    Horowitz, I.2
  • 30
    • 0002296264 scopus 로고
    • The market for corporate control: The empirical evidence since 1980
    • G. Jarrell, J. Brickley and J. Netter (1988). The market for corporate control: the empirical evidence since 1980. Economic Perspectives, Winter, 49–68.
    • (1988) Economic Perspectives , vol.Winter , pp. 49-68
    • Jarrell, G.1    Brickley, J.2    Netter, J.3
  • 31
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • M. Jensen (1986). Agency costs of free cash flow, corporate finance and takeovers, American Economic Review: Papers and Proceedings, May, 323–9.
    • (1986) American Economic Review: Papers and Proceedings , vol.May , pp. 323-329
    • Jensen, M.1
  • 32
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • M. Jensen and R. Ruback (1983). The market for corporate control: the scientific evidence. Journal of Financial Economics, April, 5–47.
    • (1983) Journal of Financial Economics , vol.April , pp. 5-47
    • Jensen, M.1    Ruback, R.2
  • 34
    • 0000622340 scopus 로고
    • Cooperation vx. rivalry: Price-cost margins by line of business
    • J. Kwoka and D. Ravenscraft (1986). Cooperation vx. rivalry: price-cost margins by line of business. Economica, August, 351–63.
    • (1986) Economica , vol.August , pp. 351-363
    • Kwoka, J.1    Ravenscraft, D.2
  • 35
    • 35948988013 scopus 로고
    • Managerial performance, Tobin’s Q, and the gains from successful tender offers
    • L. Lang, R. Stulz and R. Walkling (1989). Managerial performance, Tobin’s Q, and the gains from successful tender offers. Journal of Financial Economics, September, 137–154.
    • (1989) Journal of Financial Economics , vol.September , pp. 137-154
    • Lang, L.1    Stulz, R.2    Walkling, R.3
  • 36
    • 0000748936 scopus 로고
    • An application of a three-factor performance index to measure stockholder gains from merger
    • T. Langetieg (1978). An application of a three-factor performance index to measure stockholder gains from merger. Journal of Financial Economics, December 365–83.
    • (1978) Journal of Financial Economics , vol.December , pp. 365-383
    • Langetieg, T.1
  • 37
    • 84954203238 scopus 로고
    • Tobin’s q ratios and industrial organization
    • E. Lindenberg and S. Ross (1981). Tobin’s q ratios and industrial organization. Journal of Business, January, 1–32.
    • (1981) Journal of Business , vol.January , pp. 1-32
    • Lindenberg, E.1    Ross, S.2
  • 38
  • 39
    • 0002919972 scopus 로고
    • Are acquiring-firm shareholders better off after an acquisition
    • J. Coffee, L. Lowenstein, S. Rose-Ackerman, New York, Oxford University Press
    • E. Magenheim and D. Mueller (1988). Are acquiring-firm shareholders better off after an acquisition. In Knights, Raiders and Targets: The Impact of Hostile Takeover (edited by J. Coffee, L. Lowenstein and S. Rose-Ackerman) New York: Oxford University Press, pp. 177–81.
    • (1988) Knights, Raiders and Targets: The Impact of Hostile Takeover , pp. 177-181
    • Magenheim, E.1    Mueller, D.2
  • 40
    • 0001428439 scopus 로고
    • The wealth effect of merger activity and the objective functions of merging firms
    • P. Malatesta (1983). The wealth effect of merger activity and the objective functions of merging firms. Journal of Financial Economics, April, 155–81.
    • (1983) Journal of Financial Economics , vol.April , pp. 155-181
    • Malatesta, P.1
  • 41
    • 0016243167 scopus 로고
    • Causes of interfirm profitability differences: A new interpretation of the evidence
    • R. Mancke (1974). Causes of interfirm profitability differences: a new interpretation of the evidence. Quarterly Journal of Economics, May, 181–93.
    • (1974) Quarterly Journal of Economics , vol.May , pp. 181-193
    • Mancke, R.1
  • 42
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • H. Manne (1965). Mergers and the market for corporate control. Journal of Political Economy, April, 110–20.
    • (1965) Journal of Political Economy , vol.April , pp. 110-120
    • Manne, H.1
  • 43
    • 84980235741 scopus 로고
    • The consistency of concentration measures: A mathematical evaluation
    • C. Margels (1972). The consistency of concentration measures: a mathematical evaluation. Zeitschrift fur die gesamte Staatswissenschaft, June, 196–215.
    • (1972) Zeitschrift fur die gesamte Staatswissenschaft , vol.June , pp. 196-215
    • Margels, C.1
  • 44
    • 84989133341 scopus 로고
    • Strategic groups: Theory, research and taxonomy
    • J. McGee and H. Thomas (1986). Strategic groups: theory, research and taxonomy. Strategic Management Journal, May, 141–60.
    • (1986) Strategic Management Journal , vol.May , pp. 141-160
    • McGee, J.1    Thomas, H.2
  • 46
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • R. Morck A. Shleifer and R. Vishny (1990). Do managerial objectives drive bad acquisitions? Journal of Finance, March, 31–48.
    • (1990) Journal of Finance , vol.March , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 47
    • 0003184194 scopus 로고
    • The effects of conglomerate mergers: A survey of the empirical evidence
    • D. Mueller (1977). The effects of conglomerate mergers: a survey of the empirical evidence. Journal of Banking and Finance, December, 315–42.
    • (1977) Journal of Banking and Finance , vol.December , pp. 315-342
    • Mueller, D.1
  • 50
    • 84987492883 scopus 로고
    • An analysis of merger financing
    • A. Murphy and K. Nathan (1989). An analysis of merger financing. The Financial Review, November, 551–56.
    • (1989) The Financial Review , vol.November , pp. 551-556
    • Murphy, A.1    Nathan, K.2
  • 51
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • S. Myers and N. Majluf (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, June, 187–221.
    • (1984) Journal of Financial Economics , vol.June , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 55
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • R. Roll (1986). The hubris hypothesis of corporate takeovers. Journal of Business, April, 197–216.
    • (1986) Journal of Business , vol.April , pp. 197-216
    • Roll, R.1
  • 56
    • 0001633331 scopus 로고
    • Empirical evidence on takeovers activity and shareholder wealth
    • J. Coffe, L. Lowenstein, S. Rose-Ackerman, New York, Oxford University Press
    • R. Roll (1988). Empirical evidence on takeovers activity and shareholder wealth, In Knights, Raiders and Targets: The Impact of Hostile Takeover (edited by J. Coffe, L. Lowenstein and S. Rose-Ackerman) New York: Oxford University Press, pp. 241–52.
    • (1988) Knights, Raiders and Targets: The Impact of Hostile Takeover , pp. 241-252
    • Roll, R.1
  • 57
    • 84986468683 scopus 로고
    • Impacts of relative size and industrial relatedness on returns to shareholders of acquiring firms
    • K. Scanlon J. Trifts and R. Pettway (1989). Impacts of relative size and industrial relatedness on returns to shareholders of acquiring firms. The Journal of Financial Research, Summmer, 103–12.
    • (1989) The Journal of Financial Research , vol.Summmer , pp. 103-112
    • Scanlon, K.1    Trifts, J.2    Pettway, R.3
  • 58
    • 84977724620 scopus 로고
    • Tobin’s Q and the gains from takeovers
    • H. Servaes (1991). Tobin’s Q and the gains from takeovers. Journal of Finance, march, 409–19.
    • (1991) Journal of Finance , vol.march , pp. 409-419
    • Servaes, H.1
  • 60
    • 0001392485 scopus 로고
    • Tobin’s q and the structure–performance relationship: Comment
    • W. Shepherd (1986). Tobin’s q and the structure–performance relationship: comment. American Economic Review, December, 1205–10.
    • (1986) American Economic Review , vol.December , pp. 1205-1210
    • Shepherd, W.1
  • 61
    • 0000743060 scopus 로고
    • Tobin’s q and the structure–performance relationship
    • M. Smirlock T. Gilligan and W. Marshall (1984). Tobin’s q and the structure–performance relationship. American Economic Review, December, 1051–60.
    • (1984) American Economic Review , vol.December , pp. 1051-1060
    • Smirlock, M.1    Gilligan, T.2    Marshall, W.3
  • 62
    • 0001392485 scopus 로고
    • Tobin’s q and the structure–performance relationship: Reply
    • M. Smirlock, T. Gilligan and W. Marshall (1986). Tobin’s q and the structure–performance relationship: reply. American Economic Review, December, 1211–13.
    • (1986) American Economic Review , vol.December , pp. 1211-1213
    • Smirlock, M.1    Gilligan, T.2    Marshall, W.3
  • 65
    • 0041100630 scopus 로고
    • A value-based test of profitability and market structure
    • S. Thomadakis (1977). A value-based test of profitability and market structure. The Review of Economics and Statistics May, 179–85.
    • (1977) The Review of Economics and Statistics , vol.May , pp. 179-185
    • Thomadakis, S.1
  • 66
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • H. White (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, May, 817–38.
    • (1980) Econometrica , vol.May , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.