메뉴 건너뛰기




Volumn 34, Issue 4, 2008, Pages 252-261

Synergies, shareholder value and exchange ratios in “value-creating” mergers: Why shareholders should doubt management's pre-merger promises

Author keywords

Acquisitions and mergers; Modelling; Stakeholder analysis

Indexed keywords


EID: 85015662538     PISSN: 03074358     EISSN: 17587743     Source Type: Journal    
DOI: 10.1108/03074350810849288     Document Type: Article
Times cited : (7)

References (25)
  • 1
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud, Y. and Lev, B. (1981), “Risk reduction as a managerial motive for conglomerate mergers”, Bell Journal of Economics, Vol. 12, pp. 605-17.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 2
    • 0007198394 scopus 로고
    • Conglomerate mergers, managerial motives and stockholder wealth
    • Amihud, Y., Dodd, P. and Weinstein, M. (1986), “Conglomerate mergers, managerial motives and stockholder wealth”, Journal of Banking and Finance, Vol. 10, pp. 401-10.
    • (1986) Journal of Banking and Finance , vol.10 , pp. 401-410
    • Amihud, Y.1    Dodd, P.2    Weinstein, M.3
  • 3
    • 0344196717 scopus 로고    scopus 로고
    • Investigating the economic role of mergers
    • Andrade, G. and Stafford, E. (2004), “Investigating the economic role of mergers”, Journal of Corporate Finance, Vol. 10, pp. 1-36.
    • (2004) Journal of Corporate Finance , vol.10 , pp. 1-36
    • Andrade, G.1    Stafford, E.2
  • 5
    • 0002586455 scopus 로고
    • Competition and unanimity
    • DeAngelo, H. (1981), “Competition and unanimity”, The American Economic Review, Vol. 71 No. 1, pp. 18-27.
    • (1981) The American Economic Review , vol.71 , Issue.1 , pp. 18-27
    • DeAngelo, H.1
  • 7
    • 0002151171 scopus 로고
    • Asset substitution and the agency costs of debt financing
    • Green, R.C. and Talmor, E. (1986), “Asset substitution and the agency costs of debt financing”, Journal of Banking and Finance, Vol. 10, pp. 391-9.
    • (1986) Journal of Banking and Finance , vol.10 , pp. 391-399
    • Green, R.C.1    Talmor, E.2
  • 8
    • 38649141305 scopus 로고
    • Martingales and arbitrage in multiperiod securities markets
    • Harrison, J.M. and Kreps, D.M. (1979), “Martingales and arbitrage in multiperiod securities markets”, Journal of Economic Theory, Vol. 20, pp. 381-408.
    • (1979) Journal of Economic Theory , vol.20 , pp. 381-408
    • Harrison, J.M.1    Kreps, D.M.2
  • 9
    • 0039484024 scopus 로고
    • Corporate bankruptcy and conglomerate merger
    • Higgins, R.C. and Schall, L.D. (1975), “Corporate bankruptcy and conglomerate merger”, Journal of Finance, Vol. 30, pp. 93-113.
    • (1975) Journal of Finance , vol.30 , pp. 93-113
    • Higgins, R.C.1    Schall, L.D.2
  • 10
    • 85015663580 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”, The American Economic Review, Vol. 76, pp. 323-9.
    • (1986) The American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 11
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 14
    • 0011444067 scopus 로고
    • Optimality of project financing: theory and empirical implications in finance and accounting
    • John, T.A. and John, K. (1991), “Optimality of project financing: theory and empirical implications in finance and accounting”, Review of Quantitative Finance and Accounting, Vol. 1, pp. 51-74.
    • (1991) Review of Quantitative Finance and Accounting , vol.1 , pp. 51-74
    • John, T.A.1    John, K.2
  • 15
    • 0000661538 scopus 로고
    • Corporate mergers and the co-insurance of corporate debt
    • Kim, E.H. and McConnell, J.J. (1977), “Corporate mergers and the co-insurance of corporate debt”, Journal of Finance, Vol. 32 No. 2, pp. 349-63.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 349-363
    • Kim, E.H.1    McConnell, J.J.2
  • 16
    • 21844504285 scopus 로고
    • Risky debt, managerial ownership and capital structure – new fundamental doubts on the classical agency approach
    • Kürsten, W. (1995), “Risky debt, managerial ownership and capital structure – new fundamental doubts on the classical agency approach”, Journal of Institutional and Theoretical Economics, Vol. 151 No. 3, pp. 526-55.
    • (1995) Journal of Institutional and Theoretical Economics , vol.151 , Issue.3 , pp. 526-555
    • Kürsten, W.1
  • 17
    • 34547256567 scopus 로고
    • Business combinations: an exchange ratio determination model
    • Larson, K.D. and Gonedes, N.J. (1969), “Business combinations: an exchange ratio determination model”, Accounting Review, Vol. 44, pp. 720-8.
    • (1969) Accounting Review , vol.44 , pp. 720-728
    • Larson, K.D.1    Gonedes, N.J.2
  • 18
    • 84993848595 scopus 로고
    • A pure financial rationale for the conglomerate merger
    • Lewellen, W.G. (1971), “A pure financial rationale for the conglomerate merger”, Journal of Finance, Vol. 26, pp. 521-45.
    • (1971) Journal of Finance , vol.26 , pp. 521-545
    • Lewellen, W.G.1
  • 19
    • 84962991668 scopus 로고
    • A theory of conglomerate mergers
    • Mueller, D.C. (1969), “A theory of conglomerate mergers”, Quarterly Journal of Economics, Vol. 83, pp. 643-59.
    • (1969) Quarterly Journal of Economics , vol.83 , pp. 643-659
    • Mueller, D.C.1
  • 20
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, Vol. 5, pp. 147-75.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 22
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll, R. (1986), “The hubris hypothesis of corporate takeovers”, Journal of Business, Vol. 59, pp. 197-216.
    • (1986) Journal of Business , vol.59 , pp. 197-216
    • Roll, R.1
  • 23
    • 0001317539 scopus 로고
    • A simple approach to the valuation of risky streams
    • Ross, S.A. (1978), “A simple approach to the valuation of risky streams”, Journal of Business, Vol. 51, pp. 453-75.
    • (1978) Journal of Business , vol.51 , pp. 453-475
    • Ross, S.A.1
  • 24
    • 0041420007 scopus 로고
    • On the theory of conglomerate mergers
    • Scott, J.H., Jr. (1977), “On the theory of conglomerate mergers”, Journal of Finance, Vol. 32 No. 4, pp. 1235-50.
    • (1977) Journal of Finance , vol.32 , Issue.4 , pp. 1235-1250
    • Scott, J.H.1
  • 25
    • 84987572922 scopus 로고
    • An exchange ratio determination model for mergers: a note
    • Yagil, J. (1987), “An exchange ratio determination model for mergers: a note”, The Financial Review, Vol. 22, pp. 195-203.
    • (1987) The Financial Review , vol.22 , pp. 195-203
    • Yagil, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.