메뉴 건너뛰기




Volumn 54, Issue 2, 1999, Pages 547-580

Leverage and corporate performance: Evidence from unsuccessful takeovers

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0039657042     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/0022-1082.00117     Document Type: Article
Times cited : (119)

References (45)
  • 1
    • 84993918483 scopus 로고
    • Executive careers and compensation surrounding takeover bids
    • Agrawal, Anup, and Ralph Walkling, 1994, Executive careers and compensation surrounding takeover bids, Journal of Finance 49, 985-1014.
    • (1994) Journal of Finance , vol.49 , pp. 985-1014
    • Agrawal, A.1    Walkling, R.2
  • 2
    • 48749149426 scopus 로고
    • Merger bids, uncertainty, and stockholder returns
    • Asquith Paul, 1983, Merger bids, uncertainty, and stockholder returns, Journal of Financial Economics 11, 51-83.
    • (1983) Journal of Financial Economics , vol.11 , pp. 51-83
    • Paul, A.1
  • 3
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test-statistics
    • Barber, Brad, and John Lyon, 1996, Detecting abnormal operating performance: The empirical power and specification of test-statistics, Journal of Financial Economics 41, 359-400.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-400
    • Barber, B.1    Lyon, J.2
  • 4
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test-statistics
    • Barber, Brad, and John Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test-statistics, Journal of Financial Economics 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 5
    • 0039927725 scopus 로고    scopus 로고
    • Causes and consequences of corporate refocusing programs
    • forthcoming
    • Berger, Phillip, and Eli Ofek, 1998, Causes and consequences of corporate refocusing programs, Review of Financial Studies, forthcoming.
    • (1998) Review of Financial Studies
    • Berger, P.1    Ofek, E.2
  • 6
    • 0040898637 scopus 로고    scopus 로고
    • Managerial entrenchment and capital structure
    • Berger, Phillip, Eli Ofek, and David Yermack, 1996, Managerial entrenchment and capital structure, Journal of Finance 52, 1411-1438.
    • (1996) Journal of Finance , vol.52 , pp. 1411-1438
    • Berger, P.1    Ofek, E.2    Yermack, D.3
  • 7
    • 0001856744 scopus 로고
    • Hostile takeovers in the 1980s: The return to corporate specialization, brookings papers on economic activity
    • Bhagat, Sanjai, Andrei Shleifer, and Robert Vishny, 1990, Hostile takeovers in the 1980s: The return to corporate specialization, Brookings papers on economic activity: Microeconomics, 1-72.
    • (1990) Microeconomics , pp. 1-72
    • Bhagat, S.1    Shleifer, A.2    Vishny, R.3
  • 8
    • 0003154253 scopus 로고
    • Interfirm tender offers and the market for corporate control
    • Bradley, Michael, 1980, Interfirm tender offers and the market for corporate control, Journal of Business 53, 345-376.
    • (1980) Journal of Business , vol.53 , pp. 345-376
    • Bradley, M.1
  • 9
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: Information or synergy?
    • Bradley, Michael, Anand Desai, and E. Han Kim, 1983, The rationale behind interfirm tender offers: Information or synergy?, Journal of Financial Economics 11, 183-206.
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Han Kim, E.3
  • 11
    • 0039561990 scopus 로고    scopus 로고
    • Measuring fund performance with characteristic based benchmarks
    • Daniel, Kent, Mark Grinblatt, Sheridan Titman, and Russ Wermers, 1997, Measuring fund performance with characteristic based benchmarks, Journal of Finance 52, 1035-1058.
    • (1997) Journal of Finance , vol.52 , pp. 1035-1058
    • Daniel, K.1    Grinblatt, M.2    Titman, S.3    Wermers, R.4
  • 12
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • Daniel, Kent, David Hirshleifer, and Avanidhar Subramanyam, 1998, Investor psychology and security market under- and overreactions, Journal of Finance 53, 1839-1885.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1885
    • Daniel, K.1    Hirshleifer, D.2    Subramanyam, A.3
  • 13
    • 84977700844 scopus 로고
    • Defensive changes in corporate payout policy: Share repurchases and special dividends
    • Denis, David, 1990, Defensive changes in corporate payout policy: Share repurchases and special dividends, Journal of Finance 45, 1433-1456.
    • (1990) Journal of Finance , vol.45 , pp. 1433-1456
    • Denis, D.1
  • 14
    • 38249005067 scopus 로고
    • Managerial discretion, organizational structure, and corporate performance: A study of leveraged recapitalization
    • Denis, David J., and Diane K. Denis, 1993, Managerial discretion, organizational structure, and corporate performance: A study of leveraged recapitalization, Journal of Accounting and Economics 16, 209-236.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 209-236
    • Denis, D.J.1    Denis, D.K.2
  • 15
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • Denis, David J., and Diane K. Denis, 1995, Performance changes following top management dismissals, Journal of Finance 50, 1029-1057.
    • (1995) Journal of Finance , vol.50 , pp. 1029-1057
    • Denis, D.J.1    Denis, D.K.2
  • 16
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis, David J., Diane K. Denis, and Atulya Sarin, 1997, Agency problems, equity ownership, and corporate diversification, Journal of Finance 52, 135-160.
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 17
    • 0030075541 scopus 로고    scopus 로고
    • Active investors and management turnover following unsuccessful control contests
    • Denis, David, and J. Serrano, 1996, Active investors and management turnover following unsuccessful control contests, Journal of Financial Economics 40, 239-266.
    • (1996) Journal of Financial Economics , vol.40 , pp. 239-266
    • Denis, D.1    Serrano, J.2
  • 18
    • 49149146329 scopus 로고
    • Mergers proposals, management discretion, and stockholder wealth
    • Dodd, Peter, 1980, Mergers proposals, management discretion, and stockholder wealth, Journal of Financial Economics 8, 105-138.
    • (1980) Journal of Financial Economics , vol.8 , pp. 105-138
    • Dodd, P.1
  • 19
    • 84993845943 scopus 로고
    • Size and book-to-market factors in earnings and returns
    • Fama, Eugene F., and Kenneth French, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance 50, 131-155.
    • (1995) Journal of Finance , vol.50 , pp. 131-155
    • Fama, E.F.1    French, K.2
  • 20
    • 0003103803 scopus 로고
    • Corporate financial structure and managerial incentives
    • J. McCall, ed.: University of Chicago Press, Chicago, Ill.
    • Grossman, Sanford, and Oliver Hart, 1982, Corporate financial structure and managerial incentives; in J. McCall, ed.: The Economics of Information and Uncertainty (University of Chicago Press, Chicago, Ill.).
    • (1982) The Economics of Information and Uncertainty
    • Grossman, S.1    Hart, O.2
  • 21
    • 0001685353 scopus 로고
    • The effect of the firm's capital structure on the systematic risk of common stocks
    • Hamada, Robert S., 1972, The effect of the firm's capital structure on the systematic risk of common stocks, Journal of Finance 27, 435-452.
    • (1972) Journal of Finance , vol.27 , pp. 435-452
    • Hamada, R.S.1
  • 22
    • 0009172756 scopus 로고
    • Corporate control contests and capital structure
    • Harris, Milton, and Artur Raviv, 1988, Corporate control contests and capital structure, Journal of Financial Economics 20, 55-86.
    • (1988) Journal of Financial Economics , vol.20 , pp. 55-86
    • Harris, M.1    Raviv, A.2
  • 23
    • 84993915039 scopus 로고
    • Postbankruptcy performance and management turnover
    • Hotchkiss, Edith, 1995, Postbankruptcy performance and management turnover, Journal of Finance 50, 3-21.
    • (1995) Journal of Finance , vol.50 , pp. 3-21
    • Hotchkiss, E.1
  • 25
    • 84977703461 scopus 로고
    • Capital structure and the market for corporate control: The defensive role of debt financing
    • Israel, Ronen, 1991, Capital structure and the market for corporate control: The defensive role of debt financing, Journal of Finance 46, 1391-1410.
    • (1991) Journal of Finance , vol.46 , pp. 1391-1410
    • Israel, R.1
  • 26
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, Michael, 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.1
  • 27
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, Steven, 1989, The effects of management buyouts on operating performance and value, Journal of Financial Economics 24, 217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.1
  • 28
    • 0031097376 scopus 로고    scopus 로고
    • Measuring long-horizon security price performance
    • Kothari, S. P., and Jerold Warner, 1997, Measuring long-horizon security price performance, Journal of Financial Economics 43, 301-340.
    • (1997) Journal of Financial Economics , vol.43 , pp. 301-340
    • Kothari, S.P.1    Warner, J.2
  • 29
    • 84977717507 scopus 로고
    • Anomalous price behavior around repurchase tender offers
    • Lakonishok, Josef, and Theo Vermaelen, 1990, Anomalous price behavior around repurchase tender offers, Journal of Finance 45, 455-478.
    • (1990) Journal of Finance , vol.45 , pp. 455-478
    • Lakonishok, J.1    Vermaelen, T.2
  • 32
    • 0008744302 scopus 로고    scopus 로고
    • Do long-term shareholders benefit from corporate acquisitions?
    • Loughran, Tim, and Anand Vijh, 1997, Do long-term shareholders benefit from corporate acquisitions?, Journal of Finance, 52, 1765-1790.
    • (1997) Journal of Finance , vol.52 , pp. 1765-1790
    • Loughran, T.1    Vijh, A.2
  • 33
    • 0001661240 scopus 로고
    • Management buyouts
    • Lowenstein, Louis, 1985, Management buyouts, Columbia Law Review 85, 730-784.
    • (1985) Columbia Law Review , vol.85 , pp. 730-784
    • Lowenstein, L.1
  • 34
    • 0006037895 scopus 로고
    • Financial policy and reputation for product quality
    • Maksimovic, Vojislav, and Sheridan Titman, 1991, Financial policy and reputation for product quality, Review of Financial Studies 4, 175-199.
    • (1991) Review of Financial Studies , vol.4 , pp. 175-199
    • Maksimovic, V.1    Titman, S.2
  • 35
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • Michaely, Roni, Richard Thaler, and Kent Womack, 1995, Price reactions to dividend initiations and omissions: Overreaction or drift?, Journal of Finance 50, 573-608.
    • (1995) Journal of Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.2    Womack, K.3
  • 36
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-316.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-316
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 37
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, Stewart, 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 40
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive-signaling approach
    • Ross, Stephen, 1977, The determination of financial structure: The incentive-signaling approach, Bell Journal of Economics 8, 23-40.
    • (1977) Bell Journal of Economics , vol.8 , pp. 23-40
    • Ross, S.1
  • 41
    • 0000285914 scopus 로고
    • Corporate ownership structure and performance: The case of management buyouts
    • Smith, Abbie, 1990, Corporate ownership structure and performance: The case of management buyouts, Journal of Financial Economics 27, 143-164.
    • (1990) Journal of Financial Economics , vol.27 , pp. 143-164
    • Smith, A.1
  • 42
    • 84934564015 scopus 로고
    • Takeover threats and managerial myopia
    • Stein, Jeremy C., 1988, Takeover threats and managerial myopia, Journal of Political Economy 96, 61-80.
    • (1988) Journal of Political Economy , vol.96 , pp. 61-80
    • Stein, J.C.1
  • 43
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market of corporate control
    • Stulz, René, 1988, Managerial control of voting rights: Financing policies and the market of corporate control, Journal of Financial Economics 20, 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 44
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, René, 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26, 3-28.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-28
    • Stulz, R.1
  • 45
    • 0003366384 scopus 로고    scopus 로고
    • Dynamic capital structure under management entrenchment
    • Zweibel, Jeffrey, 1996, Dynamic capital structure under management entrenchment, American Economic Review 86, 1197-1215.
    • (1996) American Economic Review , vol.86 , pp. 1197-1215
    • Zweibel, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.