메뉴 건너뛰기




Volumn 20, Issue 8, 2002, Pages

Takeover risk and the market for corporate control: The experience of British firms in the 1970s and 1980s

Author keywords

Hazard functions; Market for corporate control; Takeovers

Indexed keywords


EID: 0036824012     PISSN: 01677187     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0167-7187(01)00073-x     Document Type: Article
Times cited : (24)

References (60)
  • 1
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud, Y., Lev, B., 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 12, 605-617.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 4
    • 84986376835 scopus 로고
    • Time aggregation and the distributional shape of unemployment duration
    • Bergstrom, R., Edin, P.-A., 1992. Time aggregation and the distributional shape of unemployment duration. Journal of Applied Econometrics 7, 5-30.
    • (1992) Journal of Applied Econometrics , vol.7 , pp. 5-30
    • Bergstrom, R.1    Edin, P.-A.2
  • 8
  • 9
    • 84948273730 scopus 로고
    • Time series explanations of merger activity: Some econometric results
    • Crook, J., 1993. Time series explanations of merger activity: some econometric results. International Review of Applied Economics 9, 59-85.
    • (1993) International Review of Applied Economics , vol.9 , pp. 59-85
    • Crook, J.1
  • 10
    • 84972017273 scopus 로고
    • The information content of dividend changes: Cash flow signaling, over-investment, and dividend clienteles
    • Denis, D.J., Denis, D.K., Sarin, A., 1994. The information content of dividend changes: cash flow signaling, over-investment, and dividend clienteles. Journal of Financial and Quantitative Analysis 29, 567-587.
    • (1994) Journal of Financial and Quantitative Analysis , vol.29 , pp. 567-587
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 11
    • 33747115597 scopus 로고    scopus 로고
    • Deterring takeover: Evidence from a large panel of UK firms
    • Department of Economics, University of Kent at Canterbury, No. 97/7
    • Dickerson, A.P., Gibson, H.D., Tsakalotos, E., 1997a. Deterring takeover: evidence from a large panel of UK firms. In: Studies in Economics. Department of Economics, University of Kent at Canterbury, No. 97/7.
    • (1997) Studies in Economics
    • Dickerson, A.P.1    Gibson, H.D.2    Tsakalotos, E.3
  • 14
    • 0001257922 scopus 로고
    • Leaving teaching in the UK: A duration analysis
    • Dolton, P., van der Klaauw, W., 1995. Leaving teaching in the UK: a duration analysis. Economic Journal 105, 431-444.
    • (1995) Economic Journal , vol.105 , pp. 431-444
    • Dolton, P.1    Van Der Klaauw, W.2
  • 15
    • 0001413464 scopus 로고
    • Two agency cost explanations of dividends
    • Easterbrook, F.H., 1984. Two agency cost explanations of dividends. American Economic Review 74 (4), 650-659.
    • (1984) American Economic Review , vol.74 , Issue.4 , pp. 650-659
    • Easterbrook, F.H.1
  • 16
    • 0006600768 scopus 로고    scopus 로고
    • International evidence on investment and fundamentals
    • Eberly, J.C., 1997. International evidence on investment and fundamentals. European Economic Review 41, 1055-1078.
    • (1997) European Economic Review , vol.41 , pp. 1055-1078
    • Eberly, J.C.1
  • 17
    • 0029693574 scopus 로고    scopus 로고
    • Hostile takeovers and the correction of managerial failure
    • Franks, J., Mayer, C., 1996. Hostile takeovers and the correction of managerial failure. Journal of Financial Economics 40, 163-181.
    • (1996) Journal of Financial Economics , vol.40 , pp. 163-181
    • Franks, J.1    Mayer, C.2
  • 18
    • 84963062632 scopus 로고
    • An economic disturbance theory of mergers
    • Gort, M., 1969. An economic disturbance theory of mergers. Quarterly Journal of Economics LXXXIII, 624-642.
    • (1969) Quarterly Journal of Economics , vol.83 , pp. 624-642
    • Gort, M.1
  • 19
    • 0002886905 scopus 로고
    • Takeover bids, the free-rider problem, and the theory of the corporation
    • Grossman, S.J., Hart, O.D., 1980. Takeover bids, the free-rider problem, and the theory of the corporation. Bell Journal of Economics 11, 42-64.
    • (1980) Bell Journal of Economics , vol.11 , pp. 42-64
    • Grossman, S.J.1    Hart, O.D.2
  • 20
    • 0000948407 scopus 로고
    • The characteristics of takeover targets: Q and other measures
    • Hasbrouck, J., 1985. The characteristics of takeover targets: q and other measures. Journal of Banking and Finance 9, 351-362.
    • (1985) Journal of Banking and Finance , vol.9 , pp. 351-362
    • Hasbrouck, J.1
  • 21
    • 0003305108 scopus 로고
    • Mergers and economic performance in the UK: A survey of the empirical evidence 1950-90
    • Bishop, M., Kay, J. (Eds.), Oxford University Press, Oxford
    • Hughes, A., 1993. Mergers and economic performance in the UK: a survey of the empirical evidence 1950-90. In: Bishop, M., Kay, J. (Eds.), European Mergers and Merger Policy. Oxford University Press, Oxford.
    • (1993) European Mergers and Merger Policy
    • Hughes, A.1
  • 23
    • 21844515763 scopus 로고
    • Easy estimation methods for discrete-time duration models
    • Jenkins, S.P., 1995. Easy estimation methods for discrete-time duration models. Oxford Bulletin of Economics and Statistics 57, 129-138.
    • (1995) Oxford Bulletin of Economics and Statistics , vol.57 , pp. 129-138
    • Jenkins, S.P.1
  • 24
    • 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, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 25
    • 0001900756 scopus 로고
    • Takeovers: Their causes and consequences
    • Jensen, M.C., 1988. Takeovers: their causes and consequences. Journal of Economic Perspectives 2, 21-48.
    • (1988) Journal of Economic Perspectives , vol.2 , pp. 21-48
    • Jensen, M.C.1
  • 26
    • 5544252794 scopus 로고
    • The market for corporate control
    • Newman, P., Milgate, M., Eatwell, J. (Eds.), Macmillan, London
    • Jensen, M.C., 1992. The market for corporate control. In: Newman, P., Milgate, M., Eatwell, J. (Eds.), The New Palgrave Dictionary of Money and Finance. Macmillan, London.
    • (1992) The New Palgrave Dictionary of Money and Finance
    • Jensen, M.C.1
  • 27
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, M.C., Ruback, R.S., 1983. The market for corporate control: the scientific evidence. Journal of Finance 11, 5-50.
    • (1983) Journal of Finance , vol.11 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 28
    • 84944836061 scopus 로고
    • Dividends, dilution and taxes: A signalling equilibrium
    • John, K., Williams, J., 1985. Dividends, dilution and taxes: a signalling equilibrium. Journal of Finance XL (4), 1053-1070.
    • (1985) Journal of Finance , vol.40 , Issue.4 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 30
    • 0001044203 scopus 로고
    • Econometric methods for the duration of unemployment
    • Lancaster, T., 1979. Econometric methods for the duration of unemployment. Econometrica 47, 939-956.
    • (1979) Econometrica , vol.47 , pp. 939-956
    • Lancaster, T.1
  • 32
    • 0000052366 scopus 로고
    • The analysis of re-employment probabilities for the unemployed
    • Series A
    • Lancaster, T., Nickell, S.J., 1980. The analysis of re-employment probabilities for the unemployed. Journal of the Royal Statistical Society, Series A 143, 141-165.
    • (1980) Journal of the Royal Statistical Society , vol.143 , pp. 141-165
    • Lancaster, T.1    Nickell, S.J.2
  • 34
    • 35948988013 scopus 로고
    • Managerial performance, Tobin's q and the gains from successful tender offers
    • Lang, L.H.P., Stulz, R.M., Walkling, R.A., 1989. Managerial performance, Tobin's q and the gains from successful tender offers. Journal of Financial Economics 24 (1), 137-154.
    • (1989) Journal of Financial Economics , vol.24 , Issue.1 , pp. 137-154
    • Lang, L.H.P.1    Stulz, R.M.2    Walkling, R.A.3
  • 35
    • 0040615519 scopus 로고
    • A test of the free cash flow hypothesis - The case of bidder returns
    • Lang, L.H.P., Stulz, R.M., Walkling, R.A., 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.H.P.1    Stulz, R.M.2    Walkling, R.A.3
  • 36
    • 0037980744 scopus 로고
    • The financial characteristics of firms and theories of merger activity
    • Levine, P., Aaronovitch, S., 1981. The financial characteristics of firms and theories of merger activity. Journal of Industrial Economics XXX, 149-172.
    • (1981) Journal of Industrial Economics , vol.30 , pp. 149-172
    • Levine, P.1    Aaronovitch, S.2
  • 37
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organisation
    • Lindenberg, E.B., Ross, S.A., 1981. Tobin's q ratio and industrial organisation. Journal of Business 54 (1), 1-32.
    • (1981) Journal of Business , vol.54 , Issue.1 , pp. 1-32
    • Lindenberg, E.B.1    Ross, S.A.2
  • 38
  • 39
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, H.G., 1965. Mergers and the market for corporate control. Journal of Political Economy LXXIII (1), 110-120.
    • (1965) Journal of Political Economy , vol.73 , Issue.1 , pp. 110-120
    • Manne, H.G.1
  • 42
    • 0001659778 scopus 로고
    • Unemployment insurance and unemployment spells
    • Meyer, B.D., 1990. Unemployment insurance and unemployment spells. Econometrica 58, 757-782.
    • (1990) Econometrica , vol.58 , pp. 757-782
    • Meyer, B.D.1
  • 43
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M.H., Rock, K., 1985. Dividend policy under asymmetric information. Journal of Finance XL (4), 1031-1051.
    • (1985) Journal of Finance , vol.40 , Issue.4 , pp. 1031-1051
    • Miller, M.H.1    Rock, K.2
  • 44
    • 0030160301 scopus 로고    scopus 로고
    • The impact of industry shocks on takeover and restructuring activity
    • Mitchell, M.L., Mulherin, J.H., 1996. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics 41, 193-229.
    • (1996) Journal of Financial Economics , vol.41 , pp. 193-229
    • Mitchell, M.L.1    Mulherin, J.H.2
  • 45
    • 84962991668 scopus 로고
    • A theory of conglomerate mergers
    • Mueller, D.C., 1969. A theory of conglomerate mergers. Quarterly Journal of Economics 83 (4), 643-659.
    • (1969) Quarterly Journal of Economics , vol.83 , Issue.4 , pp. 643-659
    • Mueller, D.C.1
  • 46
    • 0001873667 scopus 로고
    • Predicting takeover targets: A methodological and empirical analysis
    • Palepu, K.G., 1986. Predicting takeover targets: a methodological and empirical analysis. Journal of Accounting and Economics 8, 3-35.
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 3-35
    • Palepu, K.G.1
  • 47
    • 0001872828 scopus 로고
    • Goodness of fit tests for generalised linear models
    • Pregibon, D., 1980. Goodness of fit tests for generalised linear models. Applied Statistics 29, 15-24.
    • (1980) Applied Statistics , vol.29 , pp. 15-24
    • Pregibon, D.1
  • 48
    • 0017873866 scopus 로고
    • Regression analysis of grouped survival data with application to breast cancer data
    • Prentice, R.L., Gloeckler, L.A., 1978. Regression analysis of grouped survival data with application to breast cancer data. Biometrics 34, 57-67.
    • (1978) Biometrics , vol.34 , pp. 57-67
    • Prentice, R.L.1    Gloeckler, L.A.2
  • 51
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • 1
    • Roll, R., 1986. The hubris hypothesis of corporate takeovers. Journal of Business 59 (2:1), 197-216.
    • (1986) Journal of Business , vol.59 , Issue.2 , pp. 197-216
    • Roll, R.1
  • 52
    • 0002726502 scopus 로고
    • Corporate takeovers: The efficiency arguments
    • Scherer, F.M., 1988. Corporate takeovers: the efficiency arguments. Journal of Economic Perspectives 2, 69-82.
    • (1988) Journal of Economic Perspectives , vol.2 , pp. 69-82
    • Scherer, F.M.1
  • 53
    • 5844233110 scopus 로고    scopus 로고
    • Hostile versus friendly takeovers
    • Schnitzer, M., 1996. Hostile versus friendly takeovers. Economica 63, 37-55.
    • (1996) Economica , vol.63 , pp. 37-55
    • Schnitzer, M.1
  • 54
    • 0008528657 scopus 로고
    • Factors affecting the probability of being acquired: Evidence for the United States
    • Schwartz, S., 1982. Factors affecting the probability of being acquired: evidence for the United States. Economic Journal 92, 391-398.
    • (1982) Economic Journal , vol.92 , pp. 391-398
    • Schwartz, S.1
  • 55
    • 0002843879 scopus 로고
    • Value maximization and the acquisition process
    • Shleifer, A., Vishny, R., 1988. Value maximization and the acquisition process. Journal of Economic Perspectives 2 (1), 7-20.
    • (1988) Journal of Economic Perspectives , vol.2 , Issue.1 , pp. 7-20
    • Shleifer, A.1    Vishny, R.2
  • 57
    • 84881887026 scopus 로고
    • Takeovers, economic natural selection and the theory of the firm: Evidence from the post-war UK experience
    • Singh, A., 1975. Takeovers, economic natural selection and the theory of the firm: evidence from the post-war UK experience. Economic Journal 85, 497-515.
    • (1975) Economic Journal , vol.85 , pp. 497-515
    • Singh, A.1
  • 59
    • 0030706339 scopus 로고    scopus 로고
    • Takeover activity among financial mutuals: An analysis of target characteristics
    • Thompson, S., 1997. Takeover activity among financial mutuals: an analysis of target characteristics. Journal of Banking and Finance 21, 37-53.
    • (1997) Journal of Banking and Finance , vol.21 , pp. 37-53
    • Thompson, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.