메뉴 건너뛰기




Volumn 38, Issue 3, 2009, Pages 631-661

Derivatives use, information asymmetry, and mnc post-acquisition performance

Author keywords

[No Author keywords available]

Indexed keywords


EID: 70349924957     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1755-053X.2009.01050.x     Document Type: Article
Times cited : (8)

References (54)
  • 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 67, 1605-1621.
    • (1992) Journal of Finance , vol.67 , pp. 1605-1621
    • Agrawal, A.1    Jaffe, J.F.2    Mandelker, G.N.3
  • 2
    • 33646264290 scopus 로고    scopus 로고
    • Direct evidence on the market-driven acquisition theory
    • Ang, J.S. and Y. Cheng, 2006, "Direct Evidence on the Market-Driven Acquisition Theory," Journal of Financial Research 29, 199-216.
    • (2006) Journal of Financial Research , vol.29 , pp. 199-216
    • Ang, J.S.1    Cheng, Y.2
  • 4
    • 0001450685 scopus 로고
    • Trading volume reactions to annual accounting earnings announcements
    • Atiase, R.K. and L.S. Bamber, 1994, "Trading Volume Reactions to Annual Accounting Earnings Announcements," Journal of Accounting and Economics 17, 309-329.
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 309-329
    • Atiase, R.K.1    Bamber, L.S.2
  • 5
    • 0032343241 scopus 로고    scopus 로고
    • Using analysts' forecasts to measure properties of analysts' information environment
    • Barron, O., O. Kim, S. Lim, and D. Stevens, 1998, "Using Analysts' Forecasts to Measure Properties of Analyst' Information Environment," The Accounting Review 73, 421-433. (Pubitemid 128354497)
    • (1998) Accounting Review , vol.73 , Issue.4 , pp. 421-433
    • Barron, O.E.1    Kim, O.2    Lim, S.C.3    Stevens, D.E.4
  • 6
    • 34547763700 scopus 로고    scopus 로고
    • Impact of visibility and investment advisor creditability on the valuation effects of High-Tech cross-border acquisitions
    • Benou, G., K.C. Gleason, and J. Madura, 2007, "Impact of Visibility and Investment Advisor Creditability on the Valuation Effects of High-Tech Cross-Border Acquisitions," Financial Management 36, 69-89.
    • (2007) Financial Management , vol.36 , pp. 69-89
    • Benou, G.1    Gleason, K.C.2    Madura, J.3
  • 7
    • 0000700834 scopus 로고
    • The rule 415 experiment: Equity markets
    • Bhagat, S., M.W. Marr, and R. Thompson, 1985, "The Rule 415 Experiment: Equity Markets," Journal of Finance 40, 1385-1401.
    • (1985) Journal of Finance , vol.40 , pp. 1385-1401
    • Bhagat, S.1    Marr, M.W.2    Thompson, R.3
  • 8
    • 84971942167 scopus 로고
    • Self registration and the reduced due diligence argument: Implications of the underwriter certification and the implicit insurance hypotheses
    • Blackwell, D., M.W. Marr, and M. Spivey, 1990, "Self Registration and the Reduced Due Diligence Argument: Implications of the Underwriter Certification and the Implicit Insurance Hypotheses," Journal of Financial and Quantitative Analysis 25, 245-259.
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 245-259
    • Blackwell, D.1    Marr, M.W.2    Spivey, M.3
  • 11
    • 0000298841 scopus 로고
    • The use of excess cash and debt capacity as a motive for merger
    • Bruner, R. F., 1988, "The Use of Excess Cash and Debt Capacity as a Motive for Merger," Journal of Financial and Quantitative Analysis 23, 199-217.
    • (1988) Journal of Financial and Quantitative Analysis , vol.23 , pp. 199-217
    • Bruner, R.F.1
  • 13
    • 38249033644 scopus 로고
    • On cross-sectional analysis in accounting research
    • Christie, A., 1987, "On Cross-Sectional Analysis in Accounting Research," Journal of Accounting and Economics 9, 231-258.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 231-258
    • Christie, A.1
  • 15
    • 0036112636 scopus 로고    scopus 로고
    • Asymmetric information and corporate derivatives use
    • DaDalt, P., G.D. Gay, and J. Nam, 2002, "Asymmetric Information and Corporate Derivatives Use," Journal of Futures Markets 22, 241-267.
    • (2002) Journal of Futures Markets , vol.22 , pp. 241-267
    • Dadalt, P.1    Gay, G.D.2    Nam, J.3
  • 16
    • 0039561990 scopus 로고    scopus 로고
    • Measuring mutual fund performance with characteristic-based benchmarks
    • Daniel, K., M. Grinblatt, S. Titman, and R. Wermers, 1997, "Measuring Mutual Fund Performance with Characteristic-Based Benchmarks," Journal of Finance 52, 1035-1058.
    • (1997) Journal of Finance , vol.52 , pp. 1035-1058
    • Daniel, K.1    Grinblatt, M.2    Titman, S.3    Wermers, R.4
  • 17
    • 21844511041 scopus 로고
    • Corporate incentives for hedging and hedge accounting
    • DeMarzo, P. and D. Duffie, 1995, "Corporate Incentives for Hedging and Hedge Accounting," Review of Financial Studies 8, 743-771.
    • (1995) Review of Financial Studies , vol.8 , pp. 743-771
    • Demarzo, P.1    Duffie, D.2
  • 18
    • 0009953772 scopus 로고    scopus 로고
    • Global diversification, industrial diversification, and firm value
    • Denis, D.J., D.K. Denis, and K. Yost, 2002, "Global Diversification, Industrial Diversification, and Firm Value," Journal of Finance 57, 1951-1979.
    • (2002) Journal of Finance , vol.57 , pp. 1951-1979
    • Denis, D.J.1    Denis, D.K.2    Yost, K.3
  • 19
    • 0034394910 scopus 로고    scopus 로고
    • Information effects of analyst activity at the announcement of new equity issues
    • D'Mello, R. and S.P. Ferris, 2000, "Information Effects of Analyst Activity at the Announcement of New Equity Issues," Financial Management 29, 78-95.
    • (2000) Financial Management , vol.29 , pp. 78-95
    • D'Mello, R.1    Ferris, S.P.2
  • 22
    • 0037346535 scopus 로고    scopus 로고
    • Geographic diversification and agency costs of debt of multinational firms
    • Doukas, J. and C. Pantzalis, 2003, "Geographic Diversification and Agency Costs of Debt of Multinational Firms," Journal of Corporate Finance 9, 59-92.
    • (2003) Journal of Corporate Finance , vol.9 , pp. 59-92
    • Doukas, J.1    Pantzalis, C.2
  • 23
    • 84977732073 scopus 로고
    • The effect of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions
    • Doukas, J. and N.G. Travlos, 1988, "The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions," Journal of Finance 43, 1161-1175.
    • (1988) Journal of Finance , vol.43 , pp. 1161-1175
    • Doukas, J.1    Travlos, N.G.2
  • 24
    • 0030295974 scopus 로고    scopus 로고
    • Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypotheses
    • Eun, C.S., R. Kolodny, and C. Scheraga, 1996, "Cross-Border Acquisitions and Shareholder Wealth: Tests of the Synergy and Internalization Hypotheses," Journal of Banking and Finance 20, 1559-1582.
    • (1996) Journal of Banking and Finance , vol.20 , pp. 1559-1582
    • Eun, C.S.1    Kolodny, R.2    Scheraga, C.3
  • 25
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama, E.F. and K.R. French, 1992, "The Cross-Section of Expected Stock Returns," Journal of Finance 47, 283-465.
    • (1992) Journal of Finance , vol.47 , pp. 283-465
    • Fama, E.F.1    French, K.R.2
  • 26
    • 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
  • 27
    • 38249005782 scopus 로고
    • Shareholder wealth effects of corporate takeovers: The U.K. Experience 1955-1985
    • Franks, J. and R. Harris, 1989, "Shareholder Wealth Effects of Corporate Takeovers: The U.K. Experience 1955-1985," Journal of Financial Economics 23, 225-249.
    • (1989) Journal of Financial Economics , vol.23 , pp. 225-249
    • Franks, J.1    Harris, R.2
  • 28
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • Froot, K., D. Scharfstein, and J. Stein, 1993, "Risk Management: Coordinating Corporate Investment and Financing Policies," Journal of Finance 48, 1624-1658.
    • (1993) Journal of Finance , vol.48 , pp. 1624-1658
    • Froot, K.1    Scharfstein, D.2    Stein, J.3
  • 31
    • 0039372663 scopus 로고    scopus 로고
    • Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies
    • Hong, H., T. Lim, and J.C. Stein, 2000, "Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies," Journal of Finance 55, 265-296.
    • (2000) Journal of Finance , vol.55 , pp. 265-296
    • Hong, H.1    Lim, T.2    Stein, J.C.3
  • 32
    • 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
  • 33
    • 12144249911 scopus 로고    scopus 로고
    • Global/industrial diversification and analyst herding
    • Kim, C.F. and C. Pantzalis, 2003, "Global/Industrial Diversification and Analyst Herding," Financial Analysts Journal 59, 69-79.
    • (2003) Financial Analysts Journal , vol.59 , pp. 69-79
    • Kim, C.F.1    Pantzalis, C.2
  • 34
    • 0031097376 scopus 로고    scopus 로고
    • Measuring long-horizon security price performance
    • Kothari, S.P. and J.B. Warner, 1997, "Measuring Long-Horizon Security Price Performance," Journal of Financial Economics 43, 301-339.
    • (1997) Journal of Financial Economics , vol.43 , pp. 301-339
    • Kothari, S.P.1    Warner, J.B.2
  • 35
    • 0002982333 scopus 로고    scopus 로고
    • Information asymmetry, valuation, and corporate spin-off decision
    • Krishnaswami, S. and V. Subramaniam, 1999, "Information Asymmetry, Valuation, and Corporate Spin-Off Decision," Journal of Financial Economics 53, 73-112.
    • (1999) Journal of Financial Economics , vol.53 , pp. 73-112
    • Krishnaswami, S.1    Subramaniam, V.2
  • 36
    • 0040615519 scopus 로고
    • A test of the free cash flow hypothesis: The case of bidder returns
    • Lang, L.H.P., R.M. Stulz, and R.A. Walkling, 1991, "A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns," Journal of Financial Economics 29, 315-336.
    • (1991) Journal of Financial Economics , vol.29 , pp. 315-336
    • Lang, L.H.P.1    Stulz, R.M.2    Walkling, R.A.3
  • 37
    • 0001028222 scopus 로고    scopus 로고
    • On the choice between sample selection and two-part models
    • Leung, S. and S. Yu, 1996, "On the Choice Between Sample Selection and Two-Part Models," Journal of Econometrics 72, 197-229.
    • (1996) Journal of Econometrics , vol.72 , pp. 197-229
    • Leung, S.1    Yu, S.2
  • 39
    • 33847094611 scopus 로고    scopus 로고
    • Corporate use of derivatives and excess value of diversification
    • Lin, J.B., C. Pantzalis, and J.C. Park, 2007b, "Corporate Use of Derivatives and Excess Value of Diversification," Journal of Banking and Finance 31, 889-913.
    • (2007) Journal of Banking and Finance , vol.31 , pp. 889-913
    • Lin, J.B.1    Pantzalis, C.2    Park, J.C.3
  • 40
    • 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, 361-389.
    • (2000) Journal of Financial Economics , vol.55 , pp. 361-389
    • Loughran, T.1    Ritter, J.R.2
  • 41
    • 21344483210 scopus 로고
    • Shareholder benefits from corporate international diversification: Evidence from US international acquisitions
    • Markides, C.C. and C.D. Ittner, 1994, "Shareholder Benefits from Corporate International Diversification: Evidence from US International Acquisitions," Journal of International Business Studies 25, 343-366.
    • (1994) Journal of International Business Studies , vol.25 , pp. 343-366
    • Markides, C.C.1    Ittner, C.D.2
  • 42
    • 34547880030 scopus 로고    scopus 로고
    • Corporate governance and acquirer returns
    • Masulis, R.W., C. Wang, and F. Xie, 2007, "Corporate Governance and Acquirer Returns," Journal of Finance 62, 1851-1889.
    • (2007) Journal of Finance , vol.62 , pp. 1851-1889
    • Masulis, R.W.1    Wang, C.2    Xie, F.3
  • 43
    • 0002083575 scopus 로고
    • Corporate insurance and the underinvestment problem
    • Mayers, D. and C.W. Smith, 1987, "Corporate Insurance and the Underinvestment Problem," Journal of Risk and Insurance 54, 45-54.
    • (1987) Journal of Risk and Insurance , vol.54 , pp. 45-54
    • Mayers, D.1    Smith, C.W.2
  • 44
    • 0001365475 scopus 로고
    • The sensitivity of an empirical model of married women's hours of work to economic and statistical assumptions
    • Mroz, T., 1987, "The Sensitivity of an Empirical Model of Married Women's Hours of Work to Economic and Statistical Assumptions," Econometrica 55, 765-799.
    • (1987) Econometrica , vol.55 , pp. 765-799
    • Mroz, T.1
  • 45
    • 84890365966 scopus 로고    scopus 로고
    • The stock market and corporate investment: A test ofcatering theory
    • Polk, C. and P. Sapienza, 2009, "The Stock Market and Corporate Investment: A Test ofCatering Theory," Review of Financial Studies 22, 187-217.
    • (2009) Review of Financial Studies , vol.22 , pp. 187-217
    • Polk, C.1    Sapienza, P.2
  • 46
    • 0001012637 scopus 로고    scopus 로고
    • Glamour, value and the post-acquisition performance of acquiring firms
    • Rau, P.R. and T. Vermaelen, 1998, "Glamour, Value and the Post-Acquisition Performance of Acquiring Firms," Journal of Financial Economics 49, 223-253.
    • (1998) Journal of Financial Economics , vol.49 , pp. 223-253
    • Rau, P.R.1    Vermaelen, T.2
  • 49
    • 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
  • 52
    • 84972065982 scopus 로고
    • The impact of managerial ownership on acquisition attempts and target shareholder wealth
    • Song, M.H. and R.A. Walkling, 1993, "The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth," Journal of Financial and Quantitative Analysis 28, 439-457.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , pp. 439-457
    • Song, M.H.1    Walkling, R.A.2
  • 53
    • 43949121038 scopus 로고
    • Corporate takeover bids, methods of payment, and bidding firm's stock returns
    • Travlos, N.G., 1987, "Corporate Takeover Bids, Methods of Payment, and Bidding Firm's Stock Returns," Journal of Finance 42, 64-71.
    • (1987) Journal of Finance , vol.42 , pp. 64-71
    • Travlos, N.G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.