메뉴 건너뛰기




Volumn 34, Issue 2, 2005, Pages 35-61

Investment decisions and managerial discipline: Evidence from the takeover market

Author keywords

[No Author keywords available]

Indexed keywords


EID: 27144526592     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1755-053X.2005.tb00099.x     Document Type: Article
Times cited : (18)

References (38)
  • 2
    • 0039563826 scopus 로고
    • The rationale behind interim tender offers: Information or synergy?
    • Bradley, M., A. Desai, and E.H. Kim, 1983, "The Rationale behind Interim 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    Kim, E.H.3
  • 3
    • 36749092418 scopus 로고
    • Using daily stock returns: The case of event studies
    • Brown, S.J. and J.B. Warner, 1985, "Using Daily Stock Returns: The Case of Event Studies," Journal of Financial Economics 14, 3-32.
    • (1985) Journal of Financial Economics , vol.14 , pp. 3-32
    • Brown, S.J.1    Warner, J.B.2
  • 4
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • Denis, D.J. and D.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
  • 5
    • 0034148112 scopus 로고    scopus 로고
    • Managerial discipline and corporate restructuring following performance declines
    • Denis, D.J. and T.A. Kruse, 2000, "Managerial Discipline and Corporate Restructuring Following Performance Declines," Journal of Financial Economics 53, 391-424.
    • (2000) Journal of Financial Economics , vol.53 , pp. 391-424
    • Denis, D.J.1    Kruse, T.A.2
  • 6
    • 0030075541 scopus 로고    scopus 로고
    • Active investors and management turnover following unsuccessful control contests
    • Denis, D.J. and J.M. 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.J.1    Serrano, J.M.2
  • 7
    • 0033272436 scopus 로고    scopus 로고
    • Expected market reaction and the choice of method of payment for acquisitions
    • Emery, G.W. and J.A. Switzer, "Expected Market Reaction and the Choice of Method of Payment for Acquisitions," Financial Management 28, 73-86.
    • Financial Management , vol.28 , pp. 73-86
    • Emery, G.W.1    Switzer, J.A.2
  • 8
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • Gillan, S.C. and L.T. Starks, 2000, "Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors," Journal of Financial Economics 57, 275-305.
    • (2000) Journal of Financial Economics , vol.57 , pp. 275-305
    • Gillan, S.C.1    Starks, L.T.2
  • 10
    • 0039647002 scopus 로고    scopus 로고
    • Compensation, turnover, and top management incentives: Historical evidence
    • Hadlock, C.J. and G. Lumer, 1997, "Compensation, Turnover, and Top Management Incentives: Historical Evidence" Journal of Business 70, 153-187.
    • (1997) Journal of Business , vol.70 , pp. 153-187
    • Hadlock, C.J.1    Lumer, G.2
  • 11
    • 0038309562 scopus 로고    scopus 로고
    • Takeover bids and target directors' incentives: The impact of a bid on directors' wealth and board seats
    • Harford, J., 2003, "Takeover Bids and Target Directors' Incentives: The Impact of a Bid on Directors' Wealth and Board Seats," Journal of Financial Economics 69, 51-83.
    • (2003) Journal of Financial Economics , vol.69 , pp. 51-83
    • Harford, J.1
  • 13
    • 0036333943 scopus 로고    scopus 로고
    • Managerial optimism and corporate finance
    • Heaton, J.B., 2002, "Managerial Optimism and Corporate Finance," Financial Management 31 ,33-45.
    • (2002) Financial Management , vol.31 , pp. 33-45
    • Heaton, J.B.1
  • 14
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • April
    • Hermalin, B.E. and M.S. Weisbach, 2003, "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature," FRBNY Economic Policy Review, April.
    • (2003) FRBNY Economic Policy Review
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 15
    • 27144485604 scopus 로고    scopus 로고
    • Corporate governance and merger activity in the US: Making sense of the 1980s and 1990s
    • Holmstrom, B. and S.N. Kaplan, 2000, "Corporate Governance and Merger Activity in the US: Making Sense of the 1980s and 1990s," MIT Working Paper.
    • (2000) MIT Working Paper
    • Holmstrom, B.1    Kaplan, S.N.2
  • 16
    • 0040331678 scopus 로고    scopus 로고
    • Internal monitoring mechanisms and CEO turnover: A long-term perspective
    • Huson, M.R., R. Parrino, and L.L. Starks, 2001, "Internal Monitoring Mechanisms and CEO Turnover: A Long-term Perspective," Journal of Finance 56, 2265-2297.
    • (2001) Journal of Finance , vol.56 , pp. 2265-2297
    • Huson, M.R.1    Parrino, R.2    Starks, L.L.3
  • 17
    • 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
  • 18
    • 84993848601 scopus 로고
    • Modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, M.C., 1993, "Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance 48, 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 19
    • 84977712240 scopus 로고
    • The success of acquisitions: Evidence from divestitures
    • Kaplan, S.N. and M.S. Weisbach, 1992, "The Success of Acquisitions: Evidence from Divestitures," Journal of Finance 47, 107-138.
    • (1992) Journal of Finance , vol.47 , pp. 107-138
    • Kaplan, S.N.1    Weisbach, M.S.2
  • 20
    • 4344588325 scopus 로고    scopus 로고
    • The nature of discipline by corporate takeovers
    • Kini, O, W. Kracaw, and S. Mian, 2004, "The Nature of Discipline by Corporate Takeovers," Journal of Finance 59, 1511-1552.
    • (2004) Journal of Finance , vol.59 , pp. 1511-1552
    • Kini, O.1    Kracaw, W.2    Mian, S.3
  • 21
    • 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, 1227-1246.
    • (1996) Journal of Finance , vol.51 , pp. 1227-1246
    • Martin, K.J.1
  • 22
    • 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, 671-687.
    • (1991) Journal of Finance , vol.46 , pp. 671-687
    • Martin, K.J.1    McConnell, J.J.2
  • 23
    • 0031138809 scopus 로고    scopus 로고
    • The decline of takeovers and disciplinary managerial turnover
    • Mikkelson, W.H. and M. Partch, 1997, "The Decline of Takeovers and Disciplinary Managerial Turnover," Journal of Financial Economics 44, 205-228.
    • (1997) Journal of Financial Economics , vol.44 , pp. 205-228
    • Mikkelson, W.H.1    Partch, M.2
  • 25
    • 0030160301 scopus 로고    scopus 로고
    • The impact of industry shocks on takeover and restructuring activity
    • Mitchell, M.L. and H. Mulherin, 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, H.2
  • 27
    • 0003303182 scopus 로고
    • Characteristics of targets of hostile and friendly takeovers
    • A.J. Auerbach, ed., Chicago, IL, University of Chicago Press
    • Morck, R., A. Shleifer, and R. W. Vishny, 1988, "Characteristics of Targets of Hostile and Friendly Takeovers," in A.J. Auerbach, ed., Corporate Takeovers: Causes and Consequences, Chicago, IL, University of Chicago Press.
    • (1988) Corporate Takeovers: Causes and Consequences
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 28
    • 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, 187-222.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-222
    • Myers, S.C.1    Majluf, N.S.2
  • 29
    • 0038803428 scopus 로고    scopus 로고
    • Incentive compensation for outside directors and CEO turnover
    • Perry, T., 1999, "Incentive Compensation for Outside Directors and CEO Turnover," Arizona State University Working Paper.
    • (1999) Arizona State University Working Paper
    • Perry, T.1
  • 30
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll, R., 1986, "The Hubris Hypothesis of Corporate Takeovers," Journal of Business 59, 197-216.
    • (1986) Journal of Business , vol.59 , pp. 197-216
    • Roll, R.1
  • 31
    • 0040211631 scopus 로고    scopus 로고
    • Hostility in takeovers: In the eyes of the beholder?
    • Schwert, G. W., 2000, "Hostility in Takeovers: In the Eyes of the Beholder?" Journal of Finance 55, 2599-2640.
    • (2000) Journal of Finance , vol.55 , pp. 2599-2640
    • Schwert, G.W.1
  • 32
    • 0001475438 scopus 로고
    • Board composition, ownership structure, and hostile takeovers
    • Shivdasani, A., 1993, "Board Composition, Ownership Structure, and Hostile Takeovers," Journal of Accounting and Economics 16, 167-198.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 167-198
    • Shivdasani, A.1
  • 34
    • 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, 943-963.
    • (1987) Journal of Finance , vol.42 , pp. 943-963
    • Travlos, N.G.1
  • 35
  • 36
    • 4344641116 scopus 로고    scopus 로고
    • Do CEOs trade power for premium? Evidence from "Mergers of Equals"
    • Wulf, J., 2004, "Do CEOs Trade Power for Premium? Evidence from "Mergers of Equals," Journal of Law, Economics, and Organization 20, 60-101.
    • (2004) Journal of Law, Economics, and Organization , vol.20 , pp. 60-101
    • Wulf, J.1
  • 37
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, D., 1996, "Higher Market Valuation of Companies with a Small Board of Directors," Journal of Financial Economics 40, 185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1
  • 38
    • 27144493597 scopus 로고    scopus 로고
    • Acquisition decisions and CEO turnover: Do bad bidders get fired?
    • Zhao, M., 2002, "Acquisition Decisions and CEO Turnover: Do Bad Bidders Get Fired?" University of Pittsburgh Working Paper.
    • (2002) University of Pittsburgh Working Paper
    • Zhao, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.