What drives merger waves?

Journal of Financial Economics

Volumn 77, Issue 3, 2005, Pages 529-560

  Harford, Jarrad ^a  

^a UNIVERSITY OF WASHINGTON   (United States)

Author keywords

Behavioral; Capital liquidity; Merger waves; Mergers and acquisitions; Takeover

Indexed keywords

EID: 23844465456     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2004.05.004     Document Type: Article

References (35)

1. A. Agrawal J. Jaffe Do takeover targets underperform? Evidence from operating and stock returns Journal of Financial and Quantitative Analysis 38 2003 721-746
2. G. Andrade M. Mitchell E. Stafford New evidence and perspectives on mergers Journal of Economic Perspectives 15 2001 103-120
3. Ang, J., Cheng, Y., 2003. Direct evidence on the market-driven acquisitions theory, Unpublished working paper. Florida State University.
4. B. Barber J. Lyon Detecting abnormal operating performance: The empirical power and specification of test statistics Journal of Financial Economics 41 1996 359-399
5. R. Brealey S. Myers Principles of Corporate Finance 2003 McGraw-Hill New York
6. R. Coase The nature of the firm Economica 4 1937 386-405
7. Dong, M., Hirshleifer, D., Richardson, S., Teoh, S.H., 2003. Does investor misvaluation drive the takeover market? Unpublished working paper. Ohio State University.
8. Eisfeldt, A., Rampini, A., 2003. Capital reallocation and liquidity. Unpublished working paper. Northwestern University.
9. E. Fama Market efficiency, long-term returns, and behavioral finance Journal of Financial Economics 49 1998 283-306
10. E. Fama K. French Common risk factors in the returns on stocks and bonds Journal of Financial Economics 33 1993 3-56
11. E. Fama K. French Industry costs of equity Journal of Financial Economics 43 1997 153-193
12. D.L. Golbe L.J. White A time series analysis of mergers and acquisitions in the U.S. economy in: A. Auerbach (Eds) Corporate Takeovers Causes and Consequences 1988 NBER: University of Chicago Press Chicago 265-302
13. M. Gort An economic disturbance theory of mergers Quarterly Journal of Economics 83 1969 623-642
14. W. Greene Econometric Analysis 1993 Prentice-Hall Englewood Cliffs, New Jersey
15. J. Harford Corporate cash reserves and acquisitions Journal of Finance 54 1999 1969-1997
16. P. Healy K. Palepu R. Ruback Does corporate performance improve after mergers? Journal of Financial Economics 31 1992 135-175
17. Jovanovic, B., Rousseau, P., 2001. Mergers and technological change: 1885-1998. Unpublished working paper, Vanderbilt University.
18. B. Jovanovic P. Rousseau The Q-theory of mergers American Economic Review 92 2002 198-204
19. T. Loughran J. Ritter Uniformly least powerful tests of market efficiency Journal of Financial Economics 55 2000 361-389
20. T. Loughran A. Vijh Do long-term shareholders benefit from corporate acquisitions? Journal of Finance 52 1997 1765-1790
21. Lown, C., Morgan, D., Rohatgi, S., 2000. Listening to loan officers: The impact of commercial credit standards on lending and output. FRBNY Economic Policy Review, July.
22. V. Maksimovic G. Phillips The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? Journal of Finance 56 2001 2019-2065
23. M. Mitchell J.H. Mulherin The impact of industry shocks on takeover and restructuring activity Journal of Financial Economics 41 1996 193-229
24. M. Mitchell E. Stafford Managerial decisions and long-term stock price performance Journal of Business 73 2000 287-329
25. S. Moeller F. Schlingemann R. Stulz Firm size and the gains from acquisitions Journal of Financial Economics 73 2004 201-228
26. J.H. Mulherin A. Boone Comparing acquisitions and divestitures Journal of Corporate Finance 6 2000 117-139
27. P.R. Rau T. Vermaelen Glamour, value and the post-acquisition performance of acquiring firms Journal of Financial Economics 49 1998 223-253
28. M. Rhodes-Kropf S. Viswanathan Market valuation and merger waves Journal of Finance 59 2004
29. Rhodes-Kropf, M., Robinson, D., Viswanathan, S., 2004. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, forthcoming.
30. Rosen, R., 2004. Merger momentum and investor sentiment: The stock market reaction to merger announcements. Journal of Business, forthcoming.
31. F. Schlingemann R. Stulz R. Walkling Divestitures and the liquidity of the market for corporate assets Journal of Financial Economics 64 2002 117-144
32. A. Shleifer R. Vishny Liquidation values and debt capacity Journal of Finance 32 1992 337-347
33. A. Shleifer R. Vishny Stock market driven acquisitions Journal of Financial Economics 70 2003 295-311
34. G. Verter Timing merger waves 2002 Harvard University Mimeo
35. W. Viscusi J. Vernon J. Harrington Jr. Economics of Regulation and Antitrust 2000 The MIT Press Cambridge