메뉴 건너뛰기




Volumn 11, Issue 5, 2005, Pages 882-914

Debt, debt structure and corporate performance after unsuccessful takeovers: Evidence from targets that remain independent

Author keywords

Corporate performance; Level and structure of debt; Unsuccessful bids

Indexed keywords


EID: 27144483352     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2004.04.002     Document Type: Article
Times cited : (24)

References (53)
  • 1
    • 0030492391 scopus 로고    scopus 로고
    • The firm performance and mechanisms to control agency problems between managers and shareholders
    • A. Agrawal C.C. Knoeber The firm performance and mechanisms to control agency problems between managers and shareholders Journal of Financial and Quantitative Analysis 31 1996 377-398
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 377-398
    • Agrawal, A.1    Knoeber, C.C.2
  • 3
    • 84993924992 scopus 로고
    • The priority structure of corporate liabilities
    • M. Barclay C.W. Smith The priority structure of corporate liabilities The Journal of Finance 50 1995 899-917
    • (1995) The Journal of Finance , vol.50 , pp. 899-917
    • Barclay, M.1    Smith, C.W.2
  • 4
    • 0033431087 scopus 로고    scopus 로고
    • Causes and consequences of corporate refocusing programs
    • P. Berger E. Ofek Causes and consequences of corporate refocusing programs Review of Financial Studies 12 1999 311-345
    • (1999) Review of Financial Studies , vol.12 , pp. 311-345
    • Berger, P.1    Ofek, E.2
  • 5
    • 0040898637 scopus 로고    scopus 로고
    • Managerial entrenchment and capital structure
    • P. Berger E. Ofek D. Yermack Managerial entrenchment and capital structure Journal of Finance 52 1997 1411-1438
    • (1997) Journal of Finance , vol.52 , pp. 1411-1438
    • Berger, P.1    Ofek, E.2    Yermack, D.3
  • 6
    • 84977721861 scopus 로고
    • Bond covenants and delegated monitoring
    • M. Berlin J. Loeys Bond covenants and delegated monitoring Journal of Finance 43 1988 397-412
    • (1988) Journal of Finance , vol.43 , pp. 397-412
    • Berlin, M.1    Loeys, J.2
  • 7
    • 0041113074 scopus 로고    scopus 로고
    • Targeting capital structure: The relationship between risky debt and the firm's likelihood of being acquired
    • M.T. Billett Targeting capital structure: The relationship between risky debt and the firm's likelihood of being acquired Journal of Business 69 1996 173-192
    • (1996) Journal of Business , vol.69 , pp. 173-192
    • Billett, M.T.1
  • 8
    • 0031116052 scopus 로고    scopus 로고
    • Capital structure, asset structure and equity takeover premiums in cash tender offers
    • M.T. Billett M. Ryngaert Capital structure, asset structure and equity takeover premiums in cash tender offers Journal of Corporate Finance 3 1997 141-165
    • (1997) Journal of Corporate Finance , vol.3 , pp. 141-165
    • Billett, M.T.1    Ryngaert, M.2
  • 9
    • 84993869788 scopus 로고
    • The effect of lender identity on a borrowing firm's equity return
    • M.T. Billett M.J. Flannery J.A. Garfinkel The effect of lender identity on a borrowing firm's equity return Journal of Finance 50 1995 699-718
    • (1995) Journal of Finance , vol.50 , pp. 699-718
    • Billett, M.T.1    Flannery, M.J.2    Garfinkel, J.A.3
  • 10
    • 27144559227 scopus 로고    scopus 로고
    • Are bank loans special? Evidence on the post-announcement performance of bank borrowers
    • Working Paper, University of Florida
    • Billett, M.T., Flannery, M.J., Garfinkel, J.A., 2003. Are bank loans special? Evidence on the post-announcement performance of bank borrowers. Working Paper, University of Florida.
    • (2003)
    • Billett, M.T.1    Flannery, M.J.2    Garfinkel, J.A.3
  • 11
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: Information or synergy?
    • M. Bradley A. Desai E. Han Kim The rationale behind interfirm tender offers: Information or synergy? Journal of Financial Economics 11 1983 183-206
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Han Kim, E.3
  • 12
    • 21844511403 scopus 로고
    • Reputation, renegotiation, and the choice between bank loans and publicly traded debt
    • T.J. Chemmanur P. Fulghieri Reputation, renegotiation, and the choice between bank loans and publicly traded debt Review of Financial Studies 7 1994 475-506
    • (1994) Review of Financial Studies , vol.7 , pp. 475-506
    • Chemmanur, T.J.1    Fulghieri, P.2
  • 13
    • 0003014127 scopus 로고
    • Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure
    • L.Y. Dann H. DeAngelo Corporate financial policy and corporate control: a study of defensive adjustments in asset and ownership structure Journal of Financial Economics 20 1988 87-127
    • (1988) Journal of Financial Economics , vol.20 , pp. 87-127
    • Dann, L.Y.1    DeAngelo, H.2
  • 15
    • 0035588576 scopus 로고    scopus 로고
    • Is the market surprised by poor earnings realizations following seasoned equity offerings?
    • D.J. Denis A. Sarin Is the market surprised by poor earnings realizations following seasoned equity offerings? Journal of Financial and Quantitative Analysis 36 2001 169-193
    • (2001) Journal of Financial and Quantitative Analysis , vol.36 , pp. 169-193
    • Denis, D.J.1    Sarin, A.2
  • 16
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • D.J. Denis D.K. Denis A. Sarin Agency problems, equity ownership, and corporate diversification Journal of Finance 52 1997 135-160
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 17
    • 84935413182 scopus 로고
    • Monitoring and reputation: The choice between bank loans and directly placed debt
    • D.W. Diamond Monitoring and reputation: The choice between bank loans and directly placed debt Journal of Political Economy 99 1991 689-721
    • (1991) Journal of Political Economy , vol.99 , pp. 689-721
    • Diamond, D.W.1
  • 19
  • 20
    • 0039657044 scopus 로고    scopus 로고
    • Capital structure and corporate control: The effect of antitakeover statutes on firm leverage
    • G.T. Garvey G. Hanka Capital structure and corporate control: The effect of antitakeover statutes on firm leverage Journal of Finance 54 1999 519-547
    • (1999) Journal of Finance , vol.54 , pp. 519-547
    • Garvey, G.T.1    Hanka, G.2
  • 21
    • 0043195719 scopus 로고    scopus 로고
    • Does operating performance really improve following corporate acquisitions?
    • A. Ghosh Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance 7 2001 151-178
    • (2001) Journal of Corporate Finance , vol.7 , pp. 151-178
    • Ghosh, A.1
  • 22
    • 0042493134 scopus 로고    scopus 로고
    • Financial leverage changes associated with corporate mergers
    • A. Ghosh P.C. Jain Financial leverage changes associated with corporate mergers Journal of Corporate Finance 6 2000 377-402
    • (2000) Journal of Corporate Finance , vol.6 , pp. 377-402
    • Ghosh, A.1    Jain, P.C.2
  • 23
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • S.L. Gillan L.T. Starks Corporate governance proposals and shareholder activism: The role of institutional investors Journal of Financial Economics 57 2000 275-305
    • (2000) Journal of Financial Economics , vol.57 , pp. 275-305
    • Gillan, S.L.1    Starks, L.T.2
  • 24
    • 0041024619 scopus 로고    scopus 로고
    • Junk bonds, bank debt, and financial flexibility
    • Working Paper, Harvard Business School
    • Gilson, S.C., Warner, J.B., 1996. Junk bonds, bank debt, and financial flexibility. Working Paper, Harvard Business School.
    • (1996)
    • Gilson, S.C.1    Warner, J.B.2
  • 25
    • 0040844857 scopus 로고    scopus 로고
    • Debt, lease, taxes, and endogeneity of corporate tax status
    • J.R. Graham M.L. Lemmon J.S. Schallheim Debt, lease, taxes, and endogeneity of corporate tax status Journal of Finance 53 1998 131-162
    • (1998) Journal of Finance , vol.53 , pp. 131-162
    • Graham, J.R.1    Lemmon, M.L.2    Schallheim, J.S.3
  • 26
    • 0012042487 scopus 로고    scopus 로고
    • Bank lending and the menu of financing options
    • Working paper, University of Illinois
    • Hadlock, C., James, C., 1997. Bank lending and the menu of financing options. Working paper, University of Illinois.
    • (1997)
    • Hadlock, C.1    James, C.2
  • 27
    • 0009172756 scopus 로고
    • Corporate control contests and capital structure
    • M. Harris A. Raviv Corporate control contests and capital structure Journal of Financial Economics 20 1988 55-86
    • (1988) Journal of Financial Economics , vol.20 , pp. 55-86
    • Harris, M.1    Raviv, A.2
  • 28
    • 0011736481 scopus 로고    scopus 로고
    • Bank information monopolies and the mix of private and public debt claims
    • J. Houston C. James Bank information monopolies and the mix of private and public debt claims Journal of Finance 51 1996 1863-1889
    • (1996) Journal of Finance , vol.51 , pp. 1863-1889
    • Houston, J.1    James, C.2
  • 30
    • 0010826226 scopus 로고
    • Capital and ownership structures, and market for corporate control
    • Ronen Israel Capital and ownership structures, and market for corporate control Review of Financial Studies 5 1992 181-198
    • (1992) Review of Financial Studies , vol.5 , pp. 181-198
    • Israel, R.1
  • 31
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • C. James Some evidence on the uniqueness of bank loans Journal of Financial Economics 19 1987 217-235
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 32
    • 0021888802 scopus 로고
    • The wealth effects of litigation by targets: Do interests diverge in a merge?
    • G.A. Jarrell The wealth effects of litigation by targets: Do interests diverge in a merge? Journal of Law and Economics 28 1985 151-177
    • (1985) Journal of Law and Economics , vol.28 , pp. 151-177
    • Jarrell, G.A.1
  • 33
    • 0039604690 scopus 로고    scopus 로고
    • Long-term performance of seasoned equity offerings: Benchmark errors and biases in expectations
    • Autumn
    • N. Jegadeesh Long-term performance of seasoned equity offerings: benchmark errors and biases in expectations Financial Management Autumn 2000 5-30
    • (2000) Financial Management , pp. 5-30
    • Jegadeesh, N.1
  • 34
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • M.C. Jensen Agency costs of free cash flow, corporate finance, and takeovers American Economic Review 76 1986 323-339
    • (1986) American Economic Review , vol.76 , pp. 323-339
    • Jensen, M.C.1
  • 35
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • M.C. Jensen R.S. Ruback The market for corporate control: The scientific evidence Journal of Financial Economics 11 1983 5-50
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 36
    • 0000927941 scopus 로고    scopus 로고
    • Information asymmetry, monitoring, and the placement structure of corporate debt
    • S. Krishnaswami P.A. Spindt V. Subramaniam Information asymmetry, monitoring, and the placement structure of corporate debt Journal of Financial Economics 51 1999 407-434
    • (1999) Journal of Financial Economics , vol.51 , pp. 407-434
    • Krishnaswami, S.1    Spindt, P.A.2    Subramaniam, V.3
  • 37
    • 84977733537 scopus 로고
    • Free cash flows and stockholder gains in going private transactions
    • K. Lehn A. Poulsen Free cash flows and stockholder gains in going private transactions Journal of Finance 44 1989 771-787
    • (1989) Journal of Finance , vol.44 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 39
    • 45349110429 scopus 로고
    • Further evidence on bank lending process and the capital market response to bank loan agreements
    • S. Lummer J. McConnell Further evidence on bank lending process and the capital market response to bank loan agreements Journal of Financial Economics 25 1989 99-122
    • (1989) Journal of Financial Economics , vol.25 , pp. 99-122
    • Lummer, S.1    McConnell, J.2
  • 40
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • J.D. Lyon B.M. Barber Chih-Ling Tsai Improved methods for tests of long-run abnormal stock returns Journal of Finance 54 1999 165-201
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.D.1    Barber, B.M.2    Tsai, C.-L.3
  • 41
    • 33748582079 scopus 로고
    • Poison pill securities: Shareholder wealth, profitability, and ownership structure
    • P.H. Malatesta R.A. Walkling Poison pill securities: Shareholder wealth, profitability, and ownership structure Journal of Financial Economics 20 1988 347-376
    • (1988) Journal of Financial Economics , vol.20 , pp. 347-376
    • Malatesta, P.H.1    Walkling, R.A.2
  • 42
    • 49549160079 scopus 로고
    • Risk and return: The case of merging firms
    • G. Mandelker Risk and return: The case of merging firms Journal of Financial Economics 1 1974 303-336
    • (1974) Journal of Financial Economics , vol.1 , pp. 303-336
    • Mandelker, G.1
  • 43
    • 84993919451 scopus 로고
    • Price reaction to dividend initiations and omissions: Overreaction or drift?
    • R. Michaely R. Thaler K. Womack Price reaction to dividend initiations and omissions: Overreaction or drift? Journal of Finance 50 1995 573-608
    • (1995) Journal of Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.2    Womack, K.3
  • 44
  • 45
    • 0042192949 scopus 로고    scopus 로고
    • Determinants of contractual relations between shareholders and bondholders-investment opportunities and restrictive covenants
    • Working Paper, University of Georgia
    • Nash, R., Netter, J.M., Poulsen, A.B., 1997. Determinants of contractual relations between shareholders and bondholders-investment opportunities and restrictive covenants. Working Paper, University of Georgia.
    • (1997)
    • Nash, R.1    Netter, J.M.2    Poulsen, A.B.3
  • 46
    • 0001873667 scopus 로고
    • Predicting takeover targets: A methodological and empirical analysis
    • K.G. Palepu Predicting takeover targets: A methodological and empirical analysis Journal of Accounting and Economics 1986 3-37
    • (1986) Journal of Accounting and Economics , pp. 3-37
    • Palepu, K.G.1
  • 47
    • 84977702514 scopus 로고
    • Insiders and outsiders: The choice between informed and arm's length debt
    • R. Rajan Insiders and outsiders: The choice between informed and arm's length debt Journal of Finance 47 1992 1367-1400
    • (1992) Journal of Finance , vol.47 , pp. 1367-1400
    • Rajan, R.1
  • 48
    • 70350642007 scopus 로고
    • The voting prohibition in bond workouts
    • M.J. Roe The voting prohibition in bond workouts The Yale Law Journal 97 1987 232-279
    • (1987) The Yale Law Journal , vol.97 , pp. 232-279
    • Roe, M.J.1
  • 49
    • 0001740117 scopus 로고
    • The effect of poison pill securities on shareholder wealth
    • M. Ryngaert The effect of poison pill securities on shareholder wealth Journal of Financial Economics 20 1988 376-418
    • (1988) Journal of Financial Economics , vol.20 , pp. 376-418
    • Ryngaert, M.1
  • 50
    • 0039657042 scopus 로고    scopus 로고
    • Leverage and corporate performance: Evidence from unsuccessful takeovers
    • A. Safieddine S. Titman Leverage and corporate performance: Evidence from unsuccessful takeovers Journal of Finance 54 1999 547-580
    • (1999) Journal of Finance , vol.54 , pp. 547-580
    • Safieddine, A.1    Titman, S.2
  • 51
    • 84977733424 scopus 로고
    • Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships
    • S.A. Sharpe Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships Journal of Finance 45 1990 1069-1087
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.A.1
  • 52
    • 0001774993 scopus 로고    scopus 로고
    • The long-run performance of stock returns following debt offerings
    • K.D. Spiess J. Affleck-Graves The long-run performance of stock returns following debt offerings Journal of Financial Economics 54 1999 45-73
    • (1999) Journal of Financial Economics , vol.54 , pp. 45-73
    • Spiess, K.D.1    Affleck-Graves, J.2
  • 53
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • R.M. Stulz Managerial control of voting rights: Financing policies and the market for corporate control Journal of Financial Economics 20 1988 25-54
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.