메뉴 건너뛰기




Volumn , Issue , 2007, Pages 79-116

The long-term operating performance in European mergers and acquisitions

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84882461530     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1016/B978-075068289-3.50006-X     Document Type: Chapter
Times cited : (30)

References (47)
  • 1
    • 21144460038 scopus 로고
    • The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly
    • Agrawal A., Jaffe J.F., Mandelker G.N. The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Journal of Finance 1992, 47:605-1621.
    • (1992) Journal of Finance , vol.47 , pp. 605-1621
    • Agrawal, A.1    Jaffe, J.F.2    Mandelker, G.N.3
  • 3
    • 0030194534 scopus 로고    scopus 로고
    • Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics
    • Barber B.M., Lyon J.D. Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics 1996, 41:359-399.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 4
    • 0002479105 scopus 로고
    • Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms
    • Bradley M., Desai A.S., Kim E.H. Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms. Journal of Financial Economics 1988, 21:340.
    • (1988) Journal of Financial Economics , vol.21 , pp. 340
    • Bradley, M.1    Desai, A.S.2    Kim, E.H.3
  • 5
    • 84971969183 scopus 로고
    • Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation
    • Clark K., Ofek E. Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation. Journal of Financial and Quantitative Analysis 1994, 29:541-566.
    • (1994) Journal of Financial and Quantitative Analysis , vol.29 , pp. 541-566
    • Clark, K.1    Ofek, E.2
  • 6
    • 0004121841 scopus 로고
    • Oxford University Press, New York, J.C. Coffee, L. Lowenstein, S. Rose-Ackerman (Eds.)
    • Knights, Raiders and Targets 1988, Oxford University Press, New York. J.C. Coffee, L. Lowenstein, S. Rose-Ackerman (Eds.).
    • (1988) Knights, Raiders and Targets
  • 7
    • 0001616034 scopus 로고
    • Medium of Payment In Corporate Acquisitions: Evidence from Interstate Bank Mergers
    • Cornett M., Sankar D. Medium of Payment In Corporate Acquisitions: Evidence from Interstate Bank Mergers. Journal of Money, Credit, and Banking 1991, 23:767.
    • (1991) Journal of Money, Credit, and Banking , vol.23 , pp. 767
    • Cornett, M.1    Sankar, D.2
  • 8
    • 84993897491 scopus 로고
    • Performance Changes following Top Management Dismissals
    • Denis D.J., Denis D.K. Performance Changes following Top Management Dismissals. The Journal of Finance 1995, 50:1029-1057.
    • (1995) The Journal of Finance , vol.50 , pp. 1029-1057
    • Denis, D.J.1    Denis, D.K.2
  • 9
    • 0031467205 scopus 로고    scopus 로고
    • The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of U.K. Firms
    • Dickerson A.P., Gibson H.D., Tsakalotos E. The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of U.K. Firms. Oxford Economic Papers 1997, 49:344-361.
    • (1997) Oxford Economic Papers , vol.49 , pp. 344-361
    • Dickerson, A.P.1    Gibson, H.D.2    Tsakalotos, E.3
  • 10
    • 0030295974 scopus 로고    scopus 로고
    • Cross-border acquisitions and shareholder wealth: tests of the synergy and internalization hypotheses
    • Eun C., Kolodny R., Scheraga C. Cross-border acquisitions and shareholder wealth: tests of the synergy and internalization hypotheses. Journal of Banking and Finance 1996, 20:1559-1582.
    • (1996) Journal of Banking and Finance , vol.20 , pp. 1559-1582
    • Eun, C.1    Kolodny, R.2    Scheraga, C.3
  • 11
    • 0043195719 scopus 로고    scopus 로고
    • Does Operating Performance Really Improve following Corporate Acquisitions?
    • Ghosh A. Does Operating Performance Really Improve following Corporate Acquisitions?. Journal of Corporate Finance 2001, 7:151-178.
    • (2001) Journal of Corporate Finance , vol.7 , pp. 151-178
    • Ghosh, A.1
  • 12
    • 0042493134 scopus 로고    scopus 로고
    • Financial Leverage Changes Associated with Corporate Mergers
    • Ghosh A., Jain P.J. Financial Leverage Changes Associated with Corporate Mergers. Journal of Corporate Finance 2000, 6:377-402.
    • (2000) Journal of Corporate Finance , vol.6 , pp. 377-402
    • Ghosh, A.1    Jain, P.J.2
  • 13
    • 0040588371 scopus 로고    scopus 로고
    • Managerial Ownership, Method of Payments for Acquisitions, and Executive Job Retention
    • Ghosh A., Ruland W. Managerial Ownership, Method of Payments for Acquisitions, and Executive Job Retention. Journal of Finance 1998, 53:785-798.
    • (1998) Journal of Finance , vol.53 , pp. 785-798
    • Ghosh, A.1    Ruland, W.2
  • 14
    • 84988500857 scopus 로고    scopus 로고
    • Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids
    • Goergen M., Renneboog L. Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids. European Financial Management Journal 2004, 10:9-45.
    • (2004) European Financial Management Journal , vol.10 , pp. 9-45
    • Goergen, M.1    Renneboog, L.2
  • 15
    • 0000745892 scopus 로고
    • Hart Disclosure law and takeover bids
    • Grossman, Hart Disclosure law and takeover bids. Journal of Finance 1980, 35:323-334.
    • (1980) Journal of Finance , vol.35 , pp. 323-334
    • Grossman1
  • 17
    • 0040426295 scopus 로고    scopus 로고
    • Corporate cash reserves and acquisitions
    • Harford J. Corporate cash reserves and acquisitions. Journal of Finance 1999, 54:1969-1998.
    • (1999) Journal of Finance , vol.54 , pp. 1969-1998
    • Harford, J.1
  • 19
    • 0001458192 scopus 로고
    • The efficiency effects of hostile takeovers
    • Oxford University Press, New York, J.C. Coffee, L. Lowenstein, S. Rose-Ackerman (Eds.)
    • Herman E., Lowenstein L. The efficiency effects of hostile takeovers. Knights, Raiders and Targets 1988, 211-240. Oxford University Press, New York. J.C. Coffee, L. Lowenstein, S. Rose-Ackerman (Eds.).
    • (1988) Knights, Raiders and Targets , pp. 211-240
    • Herman, E.1    Lowenstein, L.2
  • 21
    • 0013417425 scopus 로고
    • The Profitability of Corporate Mergers
    • Hogarty T.F. The Profitability of Corporate Mergers. The Journal of Business 1970, 33:317-327.
    • (1970) The Journal of Business , vol.33 , pp. 317-327
    • Hogarty, T.F.1
  • 22
    • 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 1986, 76:323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 23
    • 0040609278 scopus 로고    scopus 로고
    • The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids
    • Kang J.K., Shivdasani A., Yamada T. The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids. Journal of Finance 2000, 55:2197-2218.
    • (2000) Journal of Finance , vol.55 , pp. 2197-2218
    • Kang, J.K.1    Shivdasani, A.2    Yamada, T.3
  • 25
    • 0001854091 scopus 로고
    • The Microeconomic Consequences of Corporate Mergers
    • Lev B., Mandelker G. The Microeconomic Consequences of Corporate Mergers. The Journal of Business 1972, 45:85-104.
    • (1972) The Journal of Business , vol.45 , pp. 85-104
    • Lev, B.1    Mandelker, G.2
  • 26
    • 0041906849 scopus 로고    scopus 로고
    • Are Cash Acquisitions Associated with Better Postcombination Operating Performance Than Stock Acquisitions?
    • Linn S.C., Switzer J.A. Are Cash Acquisitions Associated with Better Postcombination Operating Performance Than Stock Acquisitions?. Journal of Banking and Finance 2001, 6:1113-1138.
    • (2001) Journal of Banking and Finance , vol.6 , pp. 1113-1138
    • Linn, S.C.1    Switzer, J.A.2
  • 27
    • 0008744302 scopus 로고    scopus 로고
    • Do Long Term Shareholders Benefit from Corporate Acquisitions?
    • Loughran T., Vijh A. Do Long Term Shareholders Benefit from Corporate Acquisitions?. The Journal of Finance 1997, 52:1765-1790.
    • (1997) The Journal of Finance , vol.52 , pp. 1765-1790
    • Loughran, T.1    Vijh, A.2
  • 28
    • 9944238726 scopus 로고    scopus 로고
    • Earnings Management and the Market Performance of Acquiring Firms
    • Louis H. Earnings Management and the Market Performance of Acquiring Firms. Journal of Financial Economics 2004, 74:121-148.
    • (2004) Journal of Financial Economics , vol.74 , pp. 121-148
    • Louis, H.1
  • 30
    • 84882519346 scopus 로고    scopus 로고
    • Takeover Waves: Triggers, Performance and Motives
    • European Corporate Governance Institute
    • Martynova M., Renneboog L. Takeover Waves: Triggers, Performance and Motives. Working Paper 2006, European Corporate Governance Institute.
    • (2006) Working Paper
    • Martynova, M.1    Renneboog, L.2
  • 32
  • 34
    • 11444266003 scopus 로고    scopus 로고
    • Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers
    • Moeller S.B., Schlingemann F.P. Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers. Journal of Banking and Finance 2005, 29:533-564.
    • (2005) Journal of Banking and Finance , vol.29 , pp. 533-564
    • Moeller, S.B.1    Schlingemann, F.P.2
  • 36
    • 0001727102 scopus 로고    scopus 로고
    • Takeovers, Management Replacement, and Post-Acquisition Operating Performance: Some Evidence from the 1980s
    • Parrino J.D., Harris R.S. Takeovers, Management Replacement, and Post-Acquisition Operating Performance: Some Evidence from the 1980s. Journal of Applied Corporate Finance 1999, 11:88-97.
    • (1999) Journal of Applied Corporate Finance , vol.11 , pp. 88-97
    • Parrino, J.D.1    Harris, R.S.2
  • 37
    • 12344265854 scopus 로고    scopus 로고
    • Does Operating Performance Increase Post-Takeover for UK Takeovers? A Comparison of Performance Measures and Benchmarks
    • Powell R.G., Stark A.W. Does Operating Performance Increase Post-Takeover for UK Takeovers? A Comparison of Performance Measures and Benchmarks. Journal of Corporate Finance 2005, 11:293-317.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 293-317
    • Powell, R.G.1    Stark, A.W.2
  • 38
    • 34447528970 scopus 로고    scopus 로고
    • Corporate Acquisitions and the Operating Performance of Malaysian Companies
    • Rahman R.A., Limmack R.J. Corporate Acquisitions and the Operating Performance of Malaysian Companies. Journal of Business Finance & Accounting 2004, 31:359-400.
    • (2004) Journal of Business Finance & Accounting , vol.31 , pp. 359-400
    • Rahman, R.A.1    Limmack, R.J.2
  • 39
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: the diversification discount and inefficient investment
    • Rajan R., Servaes H., Zingales L. The cost of diversity: the diversification discount and inefficient investment. Journal of Finance 2000, 55:35-80.
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 41
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: divisional rent-seeking and inefficient investment
    • Scharfstein D., Stein J. The dark side of internal capital markets: divisional rent-seeking and inefficient investment. Journal of Finance 2000, 55:2537-2564.
    • (2000) Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.1    Stein, J.2
  • 43
    • 33645614038 scopus 로고    scopus 로고
    • The Impact of Acquisitions on Operating Performance: Some Australian Evidence
    • Sharma D.S., Ho J. The Impact of Acquisitions on Operating Performance: Some Australian Evidence. Journal of Business Finance & Accounting 2002, 29:155-200.
    • (2002) Journal of Business Finance & Accounting , vol.29 , pp. 155-200
    • Sharma, D.S.1    Ho, J.2
  • 45
    • 58149364936 scopus 로고
    • Underperformance in Long-Run Stock Returns following Seasoned Equity Offerings
    • Spiess D.K., Affleck-Graves J. Underperformance in Long-Run Stock Returns following Seasoned Equity Offerings. Journal of Financial Economics 1995, 38:243-267.
    • (1995) Journal of Financial Economics , vol.38 , pp. 243-267
    • Spiess, D.K.1    Affleck-Graves, J.2
  • 46
    • 0000144951 scopus 로고    scopus 로고
    • Evidence on Real Gains in Corporate Acquisitions
    • Switzer J.A. Evidence on Real Gains in Corporate Acquisitions. Journal of Economics and Business 1996, 48:443-460.
    • (1996) Journal of Economics and Business , vol.48 , pp. 443-460
    • Switzer, J.A.1
  • 47
    • 0036334240 scopus 로고    scopus 로고
    • Productivity and Operating Performance of Japanese Merging Firms: Keiretsu-Related and Independent Mergers
    • Yeh T.M., Hoshino Y. Productivity and Operating Performance of Japanese Merging Firms: Keiretsu-Related and Independent Mergers. Japan and the World Economy 2002, 14:347-366.
    • (2002) Japan and the World Economy , vol.14 , pp. 347-366
    • Yeh, T.M.1    Hoshino, Y.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.