메뉴 건너뛰기




Volumn 32, Issue 8, 2008, Pages 1484-1498

Investment decisions and internal capital markets: Evidence from acquisitions

Author keywords

Capital expenditures; Cash flow; Diversification; Internal capital markets; Mergers and acquisitions

Indexed keywords


EID: 46749103361     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2007.05.017     Document Type: Article
Times cited : (23)

References (39)
  • 1
    • 0142219269 scopus 로고    scopus 로고
    • Why do managers diversify their firms? Agency reconsidered
    • Aggarwal R., and Samwick A.A. Why do managers diversify their firms? Agency reconsidered. Journal of Finance 58 (2003) 71-118
    • (2003) Journal of Finance , vol.58 , pp. 71-118
    • Aggarwal, R.1    Samwick, A.A.2
  • 2
    • 1342307456 scopus 로고    scopus 로고
    • Internal capital markets and investment policy: Evidence from corporate spin-offs
    • Ahn S., and Denis D. Internal capital markets and investment policy: Evidence from corporate spin-offs. Journal of Financial Economics 71 (2004) 489-516
    • (2004) Journal of Financial Economics , vol.71 , pp. 489-516
    • Ahn, S.1    Denis, D.2
  • 3
    • 0042481764 scopus 로고    scopus 로고
    • How sensitive is investment to cash flow when financing is frictionless?
    • Alti A. How sensitive is investment to cash flow when financing is frictionless?. Journal of Finance 58 (2003) 707-722
    • (2003) Journal of Finance , vol.58 , pp. 707-722
    • Alti, A.1
  • 4
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud Y., and Lev B. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 12 (1981) 605-617
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 6
    • 0012654087 scopus 로고    scopus 로고
    • Bustup takeovers of value-destroying diversified firms
    • Berger P.G., and Ofek E. Bustup takeovers of value-destroying diversified firms. Journal of Finance 52 (1996) 1175-1200
    • (1996) Journal of Finance , vol.52 , pp. 1175-1200
    • Berger, P.G.1    Ofek, E.2
  • 7
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J.M., and Kedia S. Explaining the diversification discount. Journal of Finance 57 (2002) 1731-1762
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 9
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis D.J., Denis D.K., and Sarin A. 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
  • 10
    • 0345016427 scopus 로고    scopus 로고
    • Divestitures and divisional investment policies
    • Dittmar A., and Shivdasani A. Divestitures and divisional investment policies. Journal of Finance 58 (2003) 2711-2744
    • (2003) Journal of Finance , vol.58 , pp. 2711-2744
    • Dittmar, A.1    Shivdasani, A.2
  • 11
    • 3042818027 scopus 로고    scopus 로고
    • Excess cash flows and diversification discount
    • Doukas J.A., and Kan O.B. Excess cash flows and diversification discount. Financial Management 33 (2004) 71-88
    • (2004) Financial Management , vol.33 , pp. 71-88
    • Doukas, J.A.1    Kan, O.B.2
  • 13
    • 0040843317 scopus 로고    scopus 로고
    • Why do firms merge and then divest? A theory of financial synergy
    • Fluck Z., and Lynch A.W. Why do firms merge and then divest? A theory of financial synergy. Journal of Business 72 (1999) 319-346
    • (1999) Journal of Business , vol.72 , pp. 319-346
    • Fluck, Z.1    Lynch, A.W.2
  • 14
    • 0041903835 scopus 로고    scopus 로고
    • Learning about internal capital markets from corporate spinoffs
    • Gertner R.E., Powers E., and Scharfstein D. Learning about internal capital markets from corporate spinoffs. Journal of Finance 57 (2002) 2479-2506
    • (2002) Journal of Finance , vol.57 , pp. 2479-2506
    • Gertner, R.E.1    Powers, E.2    Scharfstein, D.3
  • 15
    • 0008505990 scopus 로고    scopus 로고
    • A re-examination of the conglomerate merger wave in the 1960s: An internal capital markets view
    • Hubbard R.G., and Palia D. A re-examination of the conglomerate merger wave in the 1960s: An internal capital markets view. Journal of Finance 54 (1998) 1131-1152
    • (1998) Journal of Finance , vol.54 , pp. 1131-1152
    • Hubbard, R.G.1    Palia, D.2
  • 16
    • 0036340511 scopus 로고    scopus 로고
    • Why firms diversify: An empirical examination
    • Hyland D., and Diltz J.D. Why firms diversify: An empirical examination. Financial Management 31 Spring (2002) 5-35
    • (2002) Financial Management , vol.31 , Issue.Spring , pp. 5-35
    • Hyland, D.1    Diltz, J.D.2
  • 17
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76 (1986) 323-329
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 18
    • 19744371776 scopus 로고    scopus 로고
    • Paying people to lie: The truth about the budgeting process
    • Jensen M.C. Paying people to lie: The truth about the budgeting process. European Financial Management 9 (2003) 379-406
    • (2003) European Financial Management , vol.9 , pp. 379-406
    • Jensen, M.C.1
  • 21
    • 84977712240 scopus 로고
    • The success of acquisitions: Evidence from divestitures
    • Kaplan S.N., and Weisbach M.S. The success of acquisitions: Evidence from divestitures. Journal of Finance 47 (1992) 107-138
    • (1992) Journal of Finance , vol.47 , pp. 107-138
    • Kaplan, S.N.1    Weisbach, M.S.2
  • 22
    • 0009167334 scopus 로고    scopus 로고
    • Cash flow and investment: Evidence from internal capital markets
    • Lamont O. Cash flow and investment: Evidence from internal capital markets. Journal of Finance 52 (1997) 83-109
    • (1997) Journal of Finance , vol.52 , pp. 83-109
    • Lamont, O.1
  • 23
    • 0039842076 scopus 로고    scopus 로고
    • The diversification discount: Cash flows vs returns
    • Lamont O., and Polk C. The diversification discount: Cash flows vs returns. Journal of Finance 56 (2001) 1693-1721
    • (2001) Journal of Finance , vol.56 , pp. 1693-1721
    • Lamont, O.1    Polk, C.2
  • 24
    • 0012533266 scopus 로고    scopus 로고
    • Does diversification destroy value? Evidence from industry shocks
    • Lamont O., and Polk C. Does diversification destroy value? Evidence from industry shocks. Journal of Financial Economics 63 (2002) 51-77
    • (2002) Journal of Financial Economics , vol.63 , pp. 51-77
    • Lamont, O.1    Polk, C.2
  • 25
    • 35948988013 scopus 로고
    • Managerial performance, Tobin's Q, and the gains from successful tender offers
    • Lang L.H.P., Stulz R.M., and Walkling R.A. Managerial performance, Tobin's Q, and the gains from successful tender offers. Journal of Financial Economics 24 (1989) 137-154
    • (1989) Journal of Financial Economics , vol.24 , pp. 137-154
    • Lang, L.H.P.1    Stulz, R.M.2    Walkling, R.A.3
  • 26
    • 84911059380 scopus 로고
    • Tobin's Q, corporate diversification and firm performance
    • Lang L.H.P., and Stulz R.M. Tobin's Q, corporate diversification and firm performance. Journal of Political Economy 102 (1994) 1248-1280
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 27
    • 0040426296 scopus 로고    scopus 로고
    • International evidence on the value of corporate diversification
    • Lins K., and Servaes H. International evidence on the value of corporate diversification. Journal of Finance 54 (1999) 2215-2239
    • (1999) Journal of Finance , vol.54 , pp. 2215-2239
    • Lins, K.1    Servaes, H.2
  • 28
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • Lins K., and Servaes H. Is corporate diversification beneficial in emerging markets?. Financial Management (2002) 31
    • (2002) Financial Management , pp. 31
    • Lins, K.1    Servaes, H.2
  • 29
    • 0042170233 scopus 로고    scopus 로고
    • Corporate diversification, what gets discounted?
    • Mansi A.A., and Reeb D.M. Corporate diversification, what gets discounted?. Journal of Finance 57 (2002) 2167-2183
    • (2002) Journal of Finance , vol.57 , pp. 2167-2183
    • Mansi, A.A.1    Reeb, D.M.2
  • 30
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck R., Shleifer A., and Vishny R. Do managerial objectives drive bad acquisitions?. Journal of Finance 45 (1991) 31-48
    • (1991) Journal of Finance , vol.45 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 31
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficient investment
    • Rajan R., Servaes H., and Zingales L. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance 55 (2000) 35-80
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 32
    • 46749087912 scopus 로고    scopus 로고
    • Scharfstein, David S., 1998. The dark side of internal markets II: Evidence from diversified conglomerates. NBER Working Paper No. 6352.
    • Scharfstein, David S., 1998. The dark side of internal markets II: Evidence from diversified conglomerates. NBER Working Paper No. 6352.
  • 33
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal markets: Divisional rent-seeking and inefficient investment
    • Scharfstein D.S., and Stein J.C. The dark side of internal markets: Divisional rent-seeking and inefficient investment. Journal of Finance 55 (2000) 2537-2564
    • (2000) Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.S.1    Stein, J.C.2
  • 35
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes H. The value of diversification during the conglomerate merger wave. Journal of Finance 51 (1996) 1201-1225
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 37
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz R.M. Managerial discretion and optimal financing policies. Journal of Financial Economics 26 (1990) 3-27
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-27
    • Stulz, R.M.1
  • 38
    • 1842763647 scopus 로고    scopus 로고
    • Diversification discount or premium? New evidence from the business information tracking series
    • Villalonga B. Diversification discount or premium? New evidence from the business information tracking series. Journal of Finance 59 (2004) 475-502
    • (2004) Journal of Finance , vol.59 , pp. 475-502
    • Villalonga, B.1
  • 39
    • 0000929051 scopus 로고    scopus 로고
    • Is it inefficient investment that causes the diversification discount?
    • Whited T.M. Is it inefficient investment that causes the diversification discount?. Journal of Finance 56 (2001) 1667-1691
    • (2001) Journal of Finance , vol.56 , pp. 1667-1691
    • Whited, T.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.