메뉴 건너뛰기




Volumn 22, Issue 2, 2009, Pages 633-679

Market valuation and acquisition quality: Empirical evidence

Author keywords

[No Author keywords available]

Indexed keywords


EID: 59449088964     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhm073     Document Type: Article
Times cited : (190)

References (45)
  • 1
    • 21144460038 scopus 로고
    • The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly
    • Agrawal, A., J. F. Jaffe, and G. N. Mandelker. 1992. The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. Journal of Finance 47:1605-21.
    • (1992) Journal of Finance , vol.47 , pp. 1605-1621
    • Agrawal, A.1    Jaffe, J.F.2    Mandelker, G.N.3
  • 3
    • 33646264290 scopus 로고    scopus 로고
    • Direct Evidence on the Market-Driven Acquisitions Theory
    • Ang, J., and Y. Cheng. 2006. Direct Evidence on the Market-Driven Acquisitions Theory. Journal of Financial Research 29:199-216.
    • (2006) Journal of Financial Research , vol.29 , pp. 199-216
    • Ang, J.1    Cheng, Y.2
  • 6
    • 0030194534 scopus 로고    scopus 로고
    • Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics
    • Barber, B. M., and J. D. Lyon. 1996. Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics 41:359-99.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 7
    • 0031097135 scopus 로고    scopus 로고
    • Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics
    • Barber, B. M., and J. D. Lyon. 1997. Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics 43:341-72.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, J.D.2
  • 8
    • 0001015501 scopus 로고    scopus 로고
    • Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades
    • Bikhchandani, S., D. Hirshleifer, and I. Welch. 1998. Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades. Journal of Economic Perspectives 12:151-70.
    • (1998) Journal of Economic Perspectives , vol.12 , pp. 151-170
    • Bikhchandani, S.1    Hirshleifer, D.2    Welch, I.3
  • 9
    • 0002479105 scopus 로고
    • Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms
    • Bradley, M., A. Desai, and E. H. Kim. 1988. Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms. Journal of Financial Economics 21:3-40.
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 10
    • 36749092418 scopus 로고
    • Using Daily Stock Returns: The Case of Event Studies
    • Brown, S., and J. Warner. 1985. Using Daily Stock Returns: The Case of Event Studies. Journal of Financial Economics 14:3-31.
    • (1985) Journal of Financial Economics , vol.14 , pp. 3-31
    • Brown, S.1    Warner, J.2
  • 11
    • 3843096645 scopus 로고    scopus 로고
    • Does M&A Pay? A Survey of Evidence for the Decision-Maker
    • Bruner, R. F. 2002. Does M&A Pay? A Survey of Evidence for the Decision-Maker. Journal of Applied Finance 12:48-68.
    • (2002) Journal of Applied Finance , vol.12 , pp. 48-68
    • Bruner, R.F.1
  • 12
    • 0002624840 scopus 로고    scopus 로고
    • On Persistence in Mutual Fund Performance
    • Carhart, M. 1997. On Persistence in Mutual Fund Performance. Journal of Finance 52:57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 15
    • 0000447605 scopus 로고
    • Asymmetric Information and the Medium of Exchange in Takeovers: Theory and Tests
    • Eckbo, B. E., R. M. Giammarino, and R. L. Heinkel. 1990. Asymmetric Information and the Medium of Exchange in Takeovers: Theory and Tests. Review of Financial Studies 3:651-75.
    • (1990) Review of Financial Studies , vol.3 , pp. 651-675
    • Eckbo, B.E.1    Giammarino, R.M.2    Heinkel, R.L.3
  • 16
    • 38549147867 scopus 로고
    • Common Risk Factors in the Returns on Stocks and Bonds
    • Fama, E. F., and K. R. French. 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33:3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 17
  • 18
    • 0042671261 scopus 로고    scopus 로고
    • What Do Returns to Acquiring Firms Tell Us? Evidence from Firms that Make Many Acquisitions
    • Fuller, K., J. Netter, and M. Stegemoller. 2002. What Do Returns to Acquiring Firms Tell Us? Evidence from Firms that Make Many Acquisitions. Journal of Finance 57:1763-93.
    • (2002) Journal of Finance , vol.57 , pp. 1763-1793
    • Fuller, K.1    Netter, J.2    Stegemoller, M.3
  • 19
    • 59449092970 scopus 로고    scopus 로고
    • Working Paper, DePaul University and Washington University in St. Louis
    • Goel, A., and A. V. Thakor. 2005. Envy and Merger Waves. Working Paper, DePaul University and Washington University in St. Louis.
    • (2005) Envy and Merger Waves
    • Goel, A.1    Thakor, A.V.2
  • 20
    • 0030550325 scopus 로고    scopus 로고
    • Externalities and Corporate Objectives in a World with Diversified Shareholders/Consumers
    • Hansen, R. G., and J. R. Lott. 1996. Externalities and Corporate Objectives in a World with Diversified Shareholders/Consumers. Journal of Financial and Quantitative Analysis 31:43-68.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 43-68
    • Hansen, R.G.1    Lott, J.R.2
  • 21
    • 0040426295 scopus 로고    scopus 로고
    • Corporate Cash Reserves and Acquisitions
    • Harford, J. 1999. Corporate Cash Reserves and Acquisitions. Journal of Finance 54:1969-97.
    • (1999) Journal of Finance , vol.54 , pp. 1969-1997
    • Harford, J.1
  • 24
    • 0036003384 scopus 로고    scopus 로고
    • Operating Performance and the Method of Payment in Takeovers
    • Heron, R., and E. Lie. 2002. Operating Performance and the Method of Payment in Takeovers. Journal of Financial and Quantitative Analysis 37:137-55.
    • (2002) Journal of Financial and Quantitative Analysis , vol.37 , pp. 137-155
    • Heron, R.1    Lie, E.2
  • 25
    • 0000357552 scopus 로고    scopus 로고
    • Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s
    • Holmstrom, B., and S. Kaplan. 2001. Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s. Journal of Economic Perspectives 15:121-44.
    • (2001) Journal of Economic Perspectives , vol.15 , pp. 121-144
    • Holmstrom, B.1    Kaplan, S.2
  • 26
    • 59449110457 scopus 로고    scopus 로고
    • The Bootstrap in Econometrics
    • Horowitz, J. L. 2003. The Bootstrap in Econometrics. Statistical Science 29:199-216.
    • (2003) Statistical Science , vol.29 , pp. 199-216
    • Horowitz, J.L.1
  • 27
    • 84993907227 scopus 로고
    • Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
    • Jegadeesh, N., and S. Titman. 1993. Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency. Journal of Finance 48:65-91.
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 28
    • 34447504242 scopus 로고
    • The Market for Corporate Control: The Scientific Evidence
    • Jensen, M. C., and R. S. Ruback. 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11:5-50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 30
    • 2442636390 scopus 로고    scopus 로고
    • Bidder Discounts and Target Premia in Takeovers
    • Jovanovic, B., and S. Braguinsky. 2004. Bidder Discounts and Target Premia in Takeovers. American Economic Review 94:46-56.
    • (2004) American Economic Review , vol.94 , pp. 46-56
    • Jovanovic, B.1    Braguinsky, S.2
  • 31
    • 0039054770 scopus 로고    scopus 로고
    • The Operating Performance of Firms Conducting Seasoned Equity Offerings
    • Loughran, T., and J. R. Ritter. 1997. The Operating Performance of Firms Conducting Seasoned Equity Offerings. Journal of Finance 52:1823-50.
    • (1997) Journal of Finance , vol.52 , pp. 1823-1850
    • Loughran, T.1    Ritter, J.R.2
  • 32
    • 0034148029 scopus 로고    scopus 로고
    • Uniformly Least Powerful Tests of Market Efficiency
    • Loughran, T., and J. R. Ritter. 2000. Uniformly Least Powerful Tests of Market Efficiency. Journal of Financial Economics 55:361-89.
    • (2000) Journal of Financial Economics , vol.55 , pp. 361-389
    • Loughran, T.1    Ritter, J.R.2
  • 33
    • 0008744302 scopus 로고    scopus 로고
    • Do Long-Term Shareholders Benefit from Corporate Acquisitions?
    • Loughran, T., and A. M. Vijh. 1997. Do Long-Term Shareholders Benefit from Corporate Acquisitions? Journal of Finance 52:1765-90.
    • (1997) Journal of Finance , vol.52 , pp. 1765-1790
    • Loughran, T.1    Vijh, A.M.2
  • 34
    • 0009885154 scopus 로고    scopus 로고
    • Improved Methods for Tests of Long-Run Abnormal Stock Returns
    • Lyon, J. D., B. M. Barber, and C. Tsai. 1999. Improved Methods for Tests of Long-Run Abnormal Stock Returns. Journal of Finance 54:165-201.
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.D.1    Barber, B.M.2    Tsai, C.3
  • 35
    • 0030160301 scopus 로고    scopus 로고
    • The Impact of Industry Shocks on Takeover and Restructuring Activity
    • Mitchell, M. L., and J. 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, J.H.2
  • 36
    • 0039372633 scopus 로고    scopus 로고
    • Managerial Decisions and Long-Term Stock Price Performance
    • Mitchell, M. L., and E. Stafford. 2000. Managerial Decisions and Long-Term Stock Price Performance. Journal of Business 73:287-329.
    • (2000) Journal of Business , vol.73 , pp. 287-329
    • Mitchell, M.L.1    Stafford, E.2
  • 38
    • 15944391877 scopus 로고    scopus 로고
    • Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
    • Moeller, S. B., F. P. Schlingemann, and R. M. Stulz. 2005. Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave. Journal of Finance 60:757-82.
    • (2005) Journal of Finance , vol.60 , pp. 757-782
    • Moeller, S.B.1    Schlingemann, F.P.2    Stulz, R.M.3
  • 40
    • 0031501451 scopus 로고    scopus 로고
    • Boom and Bust Patterns in the Adoption of Financial Innovations
    • Persons, J. C., and V. Warther. 1997. Boom and Bust Patterns in the Adoption of Financial Innovations. Review of Financial Studies 10:939-67.
    • (1997) Review of Financial Studies , vol.10 , pp. 939-967
    • Persons, J.C.1    Warther, V.2
  • 41
    • 0001012637 scopus 로고    scopus 로고
    • Glamour, Value, and the Postacquisition Performance of Acquiring Firms
    • Rau, P. R., and T. Vermaelen. 1998. Glamour, Value, and the Postacquisition Performance of Acquiring Firms. Journal of Financial Economics 49:223-53.
    • (1998) Journal of Financial Economics , vol.49 , pp. 223-253
    • Rau, P.R.1    Vermaelen, T.2
  • 44
    • 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 55:2599-640.
    • (2000) Journal of Finance , vol.55 , pp. 2599-2640
    • Schwert, G.W.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.