메뉴 건너뛰기




Volumn 29, Issue 1, 2000, Pages 53-66

Corporate takeovers, strategic objectives, and acquiring-firm shareholder wealth

(1)  Walker, M Mark a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0034379225     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.2307/3666361     Document Type: Article
Times cited : (127)

References (48)
  • 1
    • 0043194550 scopus 로고
    • John emery looks for a better package
    • Agins, T., 1987, "John Emery Looks for a Better Package," Wall Street Journal (April 2), 34.
    • (1987) Wall Street Journal , Issue.APRIL 2 , pp. 34
    • Agins, T.1
  • 2
    • 21144460038 scopus 로고
    • The post-merger performance of acquiring firms: A re-examination of an anomaly
    • Agrawal, A., J.F. Jaffe, and G.N. Mandelker, 1992, "The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly," Journal of Finance 47(4), 1605-1621.
    • (1992) Journal of Finance , vol.47 , Issue.4 , pp. 1605-1621
    • Agrawal, A.1    Jaffe, J.F.2    Mandelker, G.N.3
  • 6
    • 10644277503 scopus 로고
    • Event-study methodology under conditions of event-induced variance
    • Boehmer, E., J. Musumeci, and A.B. Poulsen, 1991, "Event-Study Methodology Under Conditions of Event-Induced Variance," Journal of Financial Economics 30(2), 253-272.
    • (1991) Journal of Financial Economics , vol.30 , Issue.2 , pp. 253-272
    • Boehmer, E.1    Musumeci, J.2    Poulsen, A.B.3
  • 7
    • 0039563826 scopus 로고
    • The rationale behind inter-firm tender offers: Information or synergy?
    • Bradley, M., A. Desai, and E.H. Kim, 1983, "The Rationale Behind Inter-Firm Tender Offers: Information or Synergy?" Journal of Financial Economics 11(1), 183-206.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 8
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley, M., A. Desai, and E.H. Kim, 1988, "Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms," Journal of Financial Economics 21(1), 3-40.
    • (1988) Journal of Financial Economics , vol.21 , Issue.1 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 9
    • 0043194548 scopus 로고
    • Ames to acquire G.C. Murphy for $48 a share
    • Bulkeley, W.M. and T. Roth, 1985, "Ames to Acquire G.C. Murphy for $48 a Share," Wall Street Journal (April 24), 7.
    • (1985) Wall Street Journal , Issue.APRIL 24 , pp. 7
    • Bulkeley, W.M.1    Roth, T.2
  • 11
    • 21844519267 scopus 로고
    • A simple approximation of Tobin's q
    • Chung, K.H. and S.W. Pruitt, 1994, "A Simple Approximation of Tobin's q," Financial Management 23(3), 70-74.
    • (1994) Financial Management , vol.23 , Issue.3 , pp. 70-74
    • Chung, K.H.1    Pruitt, S.W.2
  • 13
    • 84977703054 scopus 로고
    • Mergers and the value of antitrust deterrence
    • Eckbo, B.E., 1992, "Mergers and the Value of Antitrust Deterrence," Journal of Finance 47(3), 1005-1029.
    • (1992) Journal of Finance , vol.47 , Issue.3 , pp. 1005-1029
    • Eckbo, B.E.1
  • 14
    • 0033272436 scopus 로고    scopus 로고
    • Expected market reaction and the choice of method of payment for acquisitons
    • Emery, G.W. and J.A. Switzer, 1999, "Expected Market Reaction and the Choice of Method of Payment for Acquisitons," Financial Management 28(4), 73-87.
    • (1999) Financial Management , vol.28 , Issue.4 , pp. 73-87
    • Emery, G.W.1    Switzer, J.A.2
  • 15
    • 0010159672 scopus 로고
    • The post-merger share-price performance of acquiring firms
    • Franks, J., R. Harris, and S. Titman, 1991, "The Post-Merger Share-Price Performance of Acquiring Firms," Journal of Financial Economics 29(1), 81-96.
    • (1991) Journal of Financial Economics , vol.29 , Issue.1 , pp. 81-96
    • Franks, J.1    Harris, R.2    Titman, S.3
  • 17
    • 0041691626 scopus 로고
    • Bethlehem steel agrees to buy J.M. Tull as firm gets a second unfriendly suitor
    • Hymowitz, C. and J. Montgomery, 1985, "Bethlehem Steel Agrees to Buy J.M. Tull as Firm Gets a Second Unfriendly Suitor," Wall Street Journal (March 25), 14.
    • (1985) Wall Street Journal , Issue.MARCH 25 , pp. 14
    • Hymowitz, C.1    Montgomery, J.2
  • 18
    • 0002441212 scopus 로고
    • The returns to acquiring firms in tender offers: Evidence from three decades
    • Jarrell, G.A. and A.B. Poulsen, 1989, "The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades," Financial Management 18(3), 12-19.
    • (1989) Financial Management , vol.18 , Issue.3 , pp. 12-19
    • Jarrell, G.A.1    Poulsen, A.B.2
  • 19
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M.C., 1986, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76(2), 323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 20
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, M.C. and R.S. Ruback, 1983, "The Market for Corporate Control: The Scientific Evidence," Journal of Financial Economics 11(1), 5-50.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 21
    • 0001895052 scopus 로고
    • Contributions of diversification, promotion, and R&D to the value of multi-product firms: A Tobin's q approach
    • Jose, M.L., L.M. Nichols, and J.L. Stevens, 1986, "Contributions of Diversification, Promotion, and R&D to the Value of Multi-Product Firms: A Tobin's q Approach,& Financial Management 15(4), 33-42.
    • (1986) Financial Management , vol.15 , Issue.4 , pp. 33-42
    • Jose, M.L.1    Nichols, L.M.2    Stevens, J.L.3
  • 22
    • 0042693488 scopus 로고
    • Maytag agrees to acquire magic chef in stock swap valued at $750 million
    • Kotlowitz, A. and L. Williams, 1986, "Maytag agrees to Acquire Magic Chef in Stock Swap Valued at $750 Million," Wall Street Journal (March 25), 4.
    • (1986) Wall Street Journal , Issue.MARCH 25 , pp. 4
    • Kotlowitz, A.1    Williams, L.2
  • 23
    • 35948988013 scopus 로고
    • Managerial performance, Tobin's q, and the gains from successful tender offers
    • Lang, L., R.M. Stulz, and R.A. Walkling, 1989, "Managerial Performance, Tobin's q, and the Gains from Successful Tender Offers," Journal of Financial Economics 27(2), 137-154.
    • (1989) Journal of Financial Economics , vol.27 , Issue.2 , pp. 137-154
    • Lang, L.1    Stulz, R.M.2    Walkling, R.A.3
  • 24
    • 0040615519 scopus 로고
    • A test of the free cash flow hypothesis: The case of bidder returns
    • Lang, L., R.M. Stulz, and R.A. Walkling, 1991, "A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns," Journal of Financial Economics 29(2), 315-335.
    • (1991) Journal of Financial Economics , vol.29 , Issue.2 , pp. 315-335
    • Lang, L.1    Stulz, R.M.2    Walkling, R.A.3
  • 25
    • 0008744302 scopus 로고    scopus 로고
    • Do long-term shareholders benefit from corporate acquisitions?
    • Loughran, T. and A.M. Vijh, 1997, "Do Long-Term Shareholders Benefit from Corporate Acquisitions?" Journal of Finance 52(5), 1765-1790.
    • (1997) Journal of Finance , vol.52 , Issue.5 , pp. 1765-1790
    • Loughran, T.1    Vijh, A.M.2
  • 26
    • 0002919972 scopus 로고
    • Are acquiring firm shareholders better off after an acquisition?
    • J. Coffee, Jr., L. Lowenstein, and S. Rose-Ackerman, eds., Oxford, UK, Oxford University Press
    • Magenheim, E.B. and D.C. Mueller, 1988, "Are Acquiring Firm Shareholders Better Off After an Acquisition?" in J. Coffee, Jr., L. Lowenstein, and S. Rose-Ackerman, eds., Knights,Raiders and Targets, Oxford, UK, Oxford University Press.
    • (1988) Knights,raiders and Targets
    • Magenheim, E.B.1    Mueller, D.C.2
  • 27
    • 0002660703 scopus 로고    scopus 로고
    • Wealth creation versus wealth redistributions in pure stock-for-stock mergers
    • Maquieira, C.P., W.L. Megginson, and L. Nail, 1998, "Wealth Creation Versus Wealth Redistributions in Pure Stock-for-Stock Mergers," Journal of Financial Economics 48(1), 3-33.
    • (1998) Journal of Financial Economics , vol.48 , Issue.1 , pp. 3-33
    • Maquieira, C.P.1    Megginson, W.L.2    Nail, L.3
  • 28
    • 0043194545 scopus 로고
    • Burroughs and sperry discuss merger, but possible snags cause some concern
    • Marcom Jr., J., J.B. Stewart, and D.B. Buss, 1986, "Burroughs and Sperry Discuss Merger, but Possible Snags Cause Some Concern," Wall Street Journal (May 6), 3.
    • (1986) Wall Street Journal , Issue.MAY 6 , pp. 3
    • Marcom J., Jr.1    Stewart, J.B.2    Buss, D.B.3
  • 29
    • 0010955731 scopus 로고    scopus 로고
    • The method of payment in corporate acquisitions, investment opportunities, and management ownership
    • Martin, K.J., 1996, "The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership," Journal of Finance 51(4),1227-1246.
    • (1996) Journal of Finance , vol.51 , Issue.4 , pp. 1227-1246
    • Martin, K.J.1
  • 30
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers, and management turnover
    • Martin, K.J. and J.J. McConnell, 1991, "Corporate Performance, Corporate Takeovers, and Management Turnover," Journal of Finance 46(2), 671-687.
    • (1991) Journal of Finance , vol.46 , Issue.2 , pp. 671-687
    • Martin, K.J.1    McConnell, J.J.2
  • 31
    • 0042693486 scopus 로고
    • McGraw-Edison bid by Cooper Industries set
    • Moffett, M., 1985, "McGraw-Edison Bid by Cooper Industries Set," Wall Street Journal (March 26), 3.
    • (1985) Wall Street Journal , Issue.MARCH 26 , pp. 3
    • Moffett, M.1
  • 32
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck, R., A. Shleifer, and R.W. Vishny, 1990, "Do Managerial Objectives Drive Bad Acquisitions?" Journal of Finance 45(1), 31-48.
    • (1990) Journal of Finance , vol.45 , Issue.1 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 33
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S.C. and N.S. Majluf, 1984, "Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have," Journal of Financial Economics 13(2), 187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 34
    • 0039927002 scopus 로고
    • The medium of exchange in mergers and acquisitions
    • Peterson, D.R. and P.P. Peterson, 1991, "The Medium of Exchange in Mergers and Acquisitions," Journal of Banking and Finance 15(2), 383-405.
    • (1991) Journal of Banking and Finance , vol.15 , Issue.2 , pp. 383-405
    • Peterson, D.R.1    Peterson, P.P.2
  • 35
    • 0002663735 scopus 로고
    • From competitive advantage to corporate strategy
    • Porter, M.E., 1987, "From Competitive Advantage to Corporate Strategy," Harvard Business Review 65(3), 43-59.
    • (1987) Harvard Business Review , vol.65 , Issue.3 , pp. 43-59
    • Porter, M.E.1
  • 36
    • 0042693484 scopus 로고
    • Cleveland, OH, Predicasts, Inc.
    • Predicasts F & S Index, 1979-1996, Cleveland, OH, Predicasts, Inc.
    • (1979) Predicasts F & S Index
  • 37
    • 0002537125 scopus 로고
    • The Hubris hypothesis of corporate takeovers
    • Roll, R., 1986, "The Hubris Hypothesis of Corporate Takeovers," Journal of Business 59(2), 197-216.
    • (1986) Journal of Business , vol.59 , Issue.2 , pp. 197-216
    • Roll, R.1
  • 38
    • 0041691624 scopus 로고
    • Occidental agrees to buy MidCon for $3 billion in cash and stock
    • Schlender, B.R., L.P. Cohen, J. Zaslow, and B. Richards, 1986, "Occidental Agrees to Buy MidCon for $3 Billion in Cash and Stock," Wall Street Journal (January 2), 3.
    • (1986) Wall Street Journal , Issue.JANUARY 2 , pp. 3
    • Schlender, B.R.1    Cohen, L.P.2    Zaslow, J.3    Richards, B.4
  • 39
    • 84986468683 scopus 로고
    • Impacts of relative size and industrial relatedness on returns to shareholders of acquiring firms
    • Scanlon, K.P., J.W. Trifts, and R.H. Pettway, 1989, "Impacts of Relative Size and Industrial Relatedness on Returns to Shareholders of Acquiring Firms," Journal of Financial Research 12(2), 103-112.
    • (1989) Journal of Financial Research , vol.12 , Issue.2 , pp. 103-112
    • Scanlon, K.P.1    Trifts, J.W.2    Pettway, R.H.3
  • 40
    • 84977717653 scopus 로고
    • Corporate takeover bids, methods of payment, and bidding firms' stock returns
    • Travlos, N.G., 1987, "Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns," Journal of Finance 42(4), 943-963.
    • (1987) Journal of Finance , vol.42 , Issue.4 , pp. 943-963
    • Travlos, N.G.1
  • 41
    • 0011490625 scopus 로고
    • Overpaying in corporate takeovers: The winner's curse
    • Varaiya, N.P. and K.R. Ferris, 1987, "Overpaying in Corporate Takeovers: The Winner's Curse," Financial Analysts Journal 43(3), 64-71.
    • (1987) Financial Analysts Journal , vol.43 , Issue.3 , pp. 64-71
    • Varaiya, N.P.1    Ferris, K.R.2
  • 42
    • 0042693483 scopus 로고
    • Trane merger into american standard is set
    • Wall Street Journal, 1983, "Trane Merger Into American Standard is Set," (December 5), 3.
    • (1983) Wall Street Journal , Issue.DECEMBER 5 , pp. 3
  • 43
    • 0042192334 scopus 로고
    • Todd shipyards sets $84.1 million accord to buy ARO Corp.
    • Wall Street Journal, 1985, "Todd Shipyards Sets $84.1 Million Accord to Buy ARO Corp.," (October 22), 45.
    • (1985) Wall Street Journal , Issue.OCTOBER 22 , pp. 45
  • 44
    • 25044454851 scopus 로고
    • QVC bid to acquire CVN for $400 million is discussed by firms
    • Wall Street Journal, 1989, "QVC Bid to Acquire CVN for $400 Million is Discussed by Firms," (June 27), C23.
    • (1989) Wall Street Journal , Issue.JUNE 27
  • 45
    • 0042693485 scopus 로고
    • New York, NY, Dow Jones & Company, Inc.
    • Wall Street Journal Index, 1979-1996, New York, NY, Dow Jones & Company, Inc.
    • (1979) Wall Street Journal Index
  • 46
    • 84987594104 scopus 로고
    • Gains to bidder firms in cash and securities transactions
    • Wansley, J.W., W.R. Lane, and H.C. Yang, 1987, "Gains to Bidder Firms in Cash and Securities Transactions," Financial Review 22(4), 403-414.
    • (1987) Financial Review , vol.22 , Issue.4 , pp. 403-414
    • Wansley, J.W.1    Lane, W.R.2    Yang, H.C.3
  • 48
    • 0041691625 scopus 로고
    • CSX makes bid for texas gas of $954 million,"
    • Williams, J.D., 1983, "CSX Makes Bid for Texas Gas of $954 Million," Wall Street Journal (June 8), 3.
    • (1983) Wall Street Journal , Issue.JUNE 8 , pp. 3
    • Williams, J.D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.