메뉴 건너뛰기




Volumn 15, Issue 4, 2007, Pages 368-387

Voluntary use of independent valuation advice by target firm boards in takeovers

Author keywords

Corporate governance; Fairness opinions; Independent expert reports; Takeovers

Indexed keywords


EID: 34548304064     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.pacfin.2006.09.003     Document Type: Article
Times cited : (8)

References (36)
  • 1
    • 84993918483 scopus 로고
    • Executive careers and compensation surrounding takeover bids
    • Agrawal A., and Walkling R. Executive careers and compensation surrounding takeover bids. Journal of Finance 49 (1994) 985-1014
    • (1994) Journal of Finance , vol.49 , pp. 985-1014
    • Agrawal, A.1    Walkling, R.2
  • 2
    • 0038891894 scopus 로고    scopus 로고
    • Fairness opinions and the business judgment rule: an empirical investigation of target firms' use of fairness opinions
    • Bowers H. Fairness opinions and the business judgment rule: an empirical investigation of target firms' use of fairness opinions. Northwestern University Law Review 96 (2002) 567-578
    • (2002) Northwestern University Law Review , vol.96 , pp. 567-578
    • Bowers, H.1
  • 3
    • 0346448586 scopus 로고    scopus 로고
    • Voluntary disclosure of profit forecasts by target companies in takeover bids
    • Brennan N. Voluntary disclosure of profit forecasts by target companies in takeover bids. Journal of Business, Finance & Accounting 26 (1999) 883-917
    • (1999) Journal of Business, Finance & Accounting , vol.26 , pp. 883-917
    • Brennan, N.1
  • 4
    • 27944456324 scopus 로고    scopus 로고
    • The effect of independent expert reports in Australian takeovers
    • Bugeja M. The effect of independent expert reports in Australian takeovers. Accounting and Finance 45 (2005) 519-536
    • (2005) Accounting and Finance , vol.45 , pp. 519-536
    • Bugeja, M.1
  • 5
    • 29244474877 scopus 로고    scopus 로고
    • The independence of expert opinions in corporate takeovers: agreeing with directors' recommendations
    • Bugeja M. The independence of expert opinions in corporate takeovers: agreeing with directors' recommendations. Journal of Business, Finance & Accounting 9 & 10 (2005) 1861-1885
    • (2005) Journal of Business, Finance & Accounting , vol.9-10 , pp. 1861-1885
    • Bugeja, M.1
  • 6
    • 27944498271 scopus 로고    scopus 로고
    • Expert reports in Australian takeovers: fees and quality
    • Bugeja M., Da Silva Rosa R., and Walter T. Expert reports in Australian takeovers: fees and quality. Abacus 41 (2005) 307-322
    • (2005) Abacus , vol.41 , pp. 307-322
    • Bugeja, M.1    Da Silva Rosa, R.2    Walter, T.3
  • 7
    • 0002405425 scopus 로고
    • How managerial wealth affects the tender offer process
    • Cotter J., and Zenner M. How managerial wealth affects the tender offer process. Journal of Financial Economics 35 (1994) 63-97
    • (1994) Journal of Financial Economics , vol.35 , pp. 63-97
    • Cotter, J.1    Zenner, M.2
  • 8
    • 0031066545 scopus 로고    scopus 로고
    • Do independent directors enhance shareholder wealth during tender offers?
    • Cotter J., Shivdasani A., and Zenner M. Do independent directors enhance shareholder wealth during tender offers?. Journal of Financial Economics 43 (1997) 195-218
    • (1997) Journal of Financial Economics , vol.43 , pp. 195-218
    • Cotter, J.1    Shivdasani, A.2    Zenner, M.3
  • 9
    • 29244480723 scopus 로고    scopus 로고
    • The method of payment decision in Australian takeovers: an investigation of causes and consequences
    • Da Silva Rosa R., Izan H., Steinback A., and Walter T. The method of payment decision in Australian takeovers: an investigation of causes and consequences. Australian Journal of Management 25 (2000) 67-94
    • (2000) Australian Journal of Management , vol.25 , pp. 67-94
    • Da Silva Rosa, R.1    Izan, H.2    Steinback, A.3    Walter, T.4
  • 10
    • 0002507822 scopus 로고
    • Equity valuation and corporate control
    • DeAngelo L. Equity valuation and corporate control. The Accounting Review 65 (1990) 93-112
    • (1990) The Accounting Review , vol.65 , pp. 93-112
    • DeAngelo, L.1
  • 11
    • 3342897100 scopus 로고
    • Independent expert's reports in takeover bids
    • Eddey P. Independent expert's reports in takeover bids. Accounting and Finance 33 (1993) 1-18
    • (1993) Accounting and Finance , vol.33 , pp. 1-18
    • Eddey, P.1
  • 12
    • 3342966457 scopus 로고
    • Directors' recommendations in response to takeover bids: do they act in their own interest?
    • Eddey P., and Casey R. Directors' recommendations in response to takeover bids: do they act in their own interest?. Australian Journal of Management 14 (1989) 1-28
    • (1989) Australian Journal of Management , vol.14 , pp. 1-28
    • Eddey, P.1    Casey, R.2
  • 13
    • 0033272436 scopus 로고    scopus 로고
    • Expected market reaction and choice of method of payment for acquisitions
    • Emery G., and Switzer J. Expected market reaction and choice of method of payment for acquisitions. Financial Management 28 (1999) 73-86
    • (1999) Financial Management , vol.28 , pp. 73-86
    • Emery, G.1    Switzer, J.2
  • 14
  • 15
    • 34548366805 scopus 로고
    • Can your deal's fairness opinion stand the heat?
    • Gougis C. Can your deal's fairness opinion stand the heat?. Mergers & Acquisitions 26 (1992) 33-37
    • (1992) Mergers & Acquisitions , vol.26 , pp. 33-37
    • Gougis, C.1
  • 17
    • 0038309562 scopus 로고    scopus 로고
    • Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats
    • Harford J. Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats. Journal of Financial Economics 69 (2003) 51-83
    • (2003) Journal of Financial Economics , vol.69 , pp. 51-83
    • Harford, J.1
  • 18
    • 3342876679 scopus 로고    scopus 로고
    • Corporate governance and ownership structure of target companies and the outcome of takeovers
    • Henry D. Corporate governance and ownership structure of target companies and the outcome of takeovers. Pacific-Basin Finance Journal 12 (2004) 419-444
    • (2004) Pacific-Basin Finance Journal , vol.12 , pp. 419-444
    • Henry, D.1
  • 19
    • 27844494279 scopus 로고    scopus 로고
    • Directors' recommendations in takeovers: an agency and governance analysis
    • Henry D. Directors' recommendations in takeovers: an agency and governance analysis. Journal of Business, Finance & Accounting 32 (2005) 129-159
    • (2005) Journal of Business, Finance & Accounting , vol.32 , pp. 129-159
    • Henry, D.1
  • 21
    • 0344412307 scopus 로고
    • Target abnormal returns associated with acquisition announcements: payment acquisition form, and managerial resistance
    • Huang Y., and Walkling R. Target abnormal returns associated with acquisition announcements: payment acquisition form, and managerial resistance. Journal of Financial Economics 19 (1987) 329-349
    • (1987) Journal of Financial Economics , vol.19 , pp. 329-349
    • Huang, Y.1    Walkling, R.2
  • 22
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behaviour, agency costs and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics 3 (1976) 305-350
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-350
    • Jensen, M.1    Meckling, W.2
  • 23
    • 4344588325 scopus 로고    scopus 로고
    • The nature of discipline by corporate takeovers
    • Kini O., Kracaw W., and Mian S. The nature of discipline by corporate takeovers. Journal of Finance 59 (2004) 1511-1552
    • (2004) Journal of Finance , vol.59 , pp. 1511-1552
    • Kini, O.1    Kracaw, W.2    Mian, S.3
  • 24
    • 34548332868 scopus 로고    scopus 로고
    • Lecky, S., 1999. A matter of opinion. Sydney Morning Herald, 20 March, pp. 59 & 63.
  • 25
    • 34548338948 scopus 로고    scopus 로고
    • Lecky, S., Burge, G., 1988. How independent are the independent experts? Sydney Morning Herald, 7 April, pp. 25 & 29.
  • 26
    • 0010955731 scopus 로고    scopus 로고
    • The method of payment in corporate acquisitions, investment opportunities, and management ownership
    • Martin K. The method of payment in corporate acquisitions, investment opportunities, and management ownership. Journal of Finance 51 (1996) 1227-1246
    • (1996) Journal of Finance , vol.51 , pp. 1227-1246
    • Martin, K.1
  • 27
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers, and management turnover
    • Martin K., and McConnell J. Corporate performance, corporate takeovers, and management turnover. Journal of Finance 46 (1991) 671-687
    • (1991) Journal of Finance , vol.46 , pp. 671-687
    • Martin, K.1    McConnell, J.2
  • 28
    • 0345893680 scopus 로고    scopus 로고
    • An empirical analysis of the choice of payment method in corporate acquisitions during 1980 to 1990
    • Mayer W., and Walker M. An empirical analysis of the choice of payment method in corporate acquisitions during 1980 to 1990. Quarterly Journal of Business and Economics 35 (1996) 48-68
    • (1996) Quarterly Journal of Business and Economics , vol.35 , pp. 48-68
    • Mayer, W.1    Walker, M.2
  • 29
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., and Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (1983) 187-221
    • (1983) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 30
    • 45549112378 scopus 로고
    • Managerial control of voting rights: financing policies and the market for corporate control
    • Stulz R. 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.1
  • 31
    • 84977715389 scopus 로고
    • The distribution of target ownership and the division of gains in successful takeovers
    • Stulz R., Walkling R., and Song M. The distribution of target ownership and the division of gains in successful takeovers. Journal of Finance 45 (1990) 817-833
    • (1990) Journal of Finance , vol.45 , pp. 817-833
    • Stulz, R.1    Walkling, R.2    Song, M.3
  • 32
    • 0040369796 scopus 로고    scopus 로고
    • Who says it's a fair deal?
    • (August)
    • Sweeney P. Who says it's a fair deal?. Journal of Accountancy (1999) 44-51 (August)
    • (1999) Journal of Accountancy , pp. 44-51
    • Sweeney, P.1
  • 34
    • 85075674481 scopus 로고
    • Agency theory, managerial welfare, and takeover bid resistance
    • Walkling R., and Long M. Agency theory, managerial welfare, and takeover bid resistance. Rand Journal of Economics 15 (1984) 54-68
    • (1984) Rand Journal of Economics , vol.15 , pp. 54-68
    • Walkling, R.1    Long, M.2
  • 35
    • 84989026655 scopus 로고
    • Mergers, acquisitions, and the pruning of managerial deadwood
    • Walsh J., and Ellwood J. Mergers, acquisitions, and the pruning of managerial deadwood. Strategic Management Journal 12 (1991) 201-217
    • (1991) Strategic Management Journal , vol.12 , pp. 201-217
    • Walsh, J.1    Ellwood, J.2
  • 36
    • 0002687813 scopus 로고
    • Abnormal returns to acquired firms by type of acquisition and method of payment
    • Waynsley J., Lane W., and Yang H. Abnormal returns to acquired firms by type of acquisition and method of payment. Financial Management 12 (1983) 16-22
    • (1983) Financial Management , vol.12 , pp. 16-22
    • Waynsley, J.1    Lane, W.2    Yang, H.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.