The Determinants of Outcome in UK Take–over Bids

International Journal of the Economics of Business

Volumn 3, Issue 2, 1996, Pages 165-184

  Holl, Peter ^a   Kyriaziz, Dimitis ^a  

^a CITY UNIVERSITY   (United Kingdom)

Author keywords

Bid outcome; Logit estimation; Predictive ability; Take overs

Indexed keywords

EID: 85071202722     PISSN: 13571516     EISSN: 14661829     Source Type: Journal    
DOI: 10.1080/758528451     Document Type: Article

References (27)

1. 1975. Cyclical Indicators in the UK Economy. Economic Trends, 257: 95–101.
2. 1993. Cyclical Indicators in the UK Economy. Economic Trends, 473: 76–77.
3. Firth, M., 1979. The Profitability of Take–overs and Mergers. Economic Journal, 89: 316–328.
4. Fowler, D.J., and Rorke, H.C., 1983. Risk Measurement When Shares Are Subject to Infrequent Trading. Journal of Financial Economics, 12: 279–283.
5. Franks, J., and Mayer, C., 1993. Hostile Take–overs in the UK and The Correction of Managerial Failure. IFA Working Paper,: 156–192.
6. Hoffmeister, J.R., and Dyl, E.A., 1981. Predicting Outcome of Cash Tender Offers. Financial Management, 10: 50–58.
7. Holl, P., Dassiou, X., and Kyriazis, D., 1995. Testing for Asymmetric Information Effects in Failed Mergers. Applied Econometrics Research Unit Discussion Paper. 1995. pp. 36
8. Holl, P., and Kyriazis, D., 1994. Determinants of the Wealth Effects of Successful Take–over Bids in the UK: A Simultaneous Equations Approach. Applied Econometrics Research Unit Discussion Paper. 1994. pp. 33
9. Holl, P., and Pickering, J.F., 1988. The Determinants and Effects of Actual, Abandoned and Contested Mergers. Managerial and Decision Economics, 9: 1–19.
10. Jarrell, G.A., Brickley, J.A., and Netter, J.M., 1988. The Market for Corporate Control: The Empirical Evidence Since 1980. Journal of Economic Perspectives, 2: 49–68.
11. Jenkinson, T., and Mayer, C., 1991. Take–over Defence Strategies, Oxford: Oxford Economic Research Associates Ltd.
12. Jeong, J., and Maddala, G.S., 1993. “ A Perspective on Application of Bootstrap Methods in Econometrics ”. In Handbook of Statistics, Edited by: Maddala, G.S., Rao, C.R., and Vinod, H.D., Vol. 11, 573–603. Amsterdam: Elsevier Science.
13. Kyriazis, D. “The Wealth Effects, Mood and Outcome of UK Take-over Bids: An Empirical Analysis Using a Simultaneous Equations Approach, ” Unpublished Doctoral dissertation, City University, 1994.
14. Iimmack, R.J., 1991. Corporate Mergers and Shareholder Wealth Effects: 1977–1986. Accounting and Business Research, 21: 239–251.
15. Maule, C.J., 1968. A Note on Mergers and the Business Cycle. Journal of Industrial Economics, 16: 99–105.
16. Miller, R.G., 1974. The Jacknife–A Review. Biometrika, 61 (1): 1–15.
17. Morck, R., Shleifer, A., and Vishny, R.W., 1988. “ Characteristics of Targets of Hostile and Friendly Take–overs ”. In Corporate Take–overs: Causes and Consequences, Edited by: Auerbach, A.J., Chicago, IL: University of Chicago Press.
18. Nelson, R.L., 1966. “ Business Cycle Factors in the Choice Between Internal and External Growth ”. In The Corporate Merger, Edited by: Alberts, W.W., and Segall, J.E., 52–66. Chicago, IL: University of Chicago Press.
19. Parkinson, C., and Dobbins, R., 1993. Returns to Shareholders in Successfully Defended Take–over Bids: UK Evidence 19757ndash;1984. Journal of Business Finance and Accounting, 20 (4): 501–520.
20. Ruback, R.S., 1988. “ An Overview of Take–over Defences ”. In Mergers and Acquisitions, Edited by: Auerbach, A.J., 49–67. Chicago, IL: University of Chicago Press.
21. Shivdasani, A., 1993. Board Composition, Ownership Structure and Hostile Take–overs. Journal of Accounting and Economics, 16: 167–198.
22. Shleifer, A., and Vishny, R., 1986. Large Shareholders and Corporate Control. Journal of Political Economy, 94: 461–489.
23. Singh, A., 1971. Take–overs: Their Relevance to the Stock Market and the Theory of the Firm, Cambridge: Cambridge University Press.
24. Sudarsanam, S., Holl, P. and Salami, A. ” Shareholder Wealth Gains in Mergers; An Empirical Test of the Synergy and Agency Effects, “ City Univerisity Business School Working Paper, 1993.
25. Sudarsanam, S. “ Defensive Strategies of Target Firms in UK Contested Take-over Bids: A Survey, ” City University Business School Working Paper, 1994
26. Walkling, R.A., and Long, M.S., 1984. Agency Theory, Managerial Welfare and Take–over Bid Resistance. Rand Journal of Economics, 1: 54–68.
27. Walkling, R.A., 1985. Predicting Tender Offer Success. Journal of Financial and Quantitative Analysis, 20: 461–478.