Comparing acquisitions and divestitures

Journal of Corporate Finance - Tập 6 Số 2 - Trang 117-139 - 2000
J. Harold Mulherin1, Audra L. Boone1
1Department of Finance, Smeal College of Business, Penn State University, University Park, PA 16802, USA

Tóm tắt

Từ khóa


Tài liệu tham khảo

Allen, 1998, Equity carve-outs and managerial discretion, Journal of Finance, 53, 163, 10.1111/0022-1082.65022

Andrade, G., Stafford, E., 1999. Investigating the Economic Role of Mergers. Unpublished manuscript, Harvard Business School.

Asquith, P., Bruner, R.F., Mullins Jr., D.W., 1990. Merger Returns and the Form of Financing. Unpublished manuscript, Massachusetts Institute of Technology.

Boone, A.L., 1999. Can Focus Explain Carve-Out Gains? Unpublished manuscript, Penn State University.

Bradley, 1988, Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms, Journal of Financial Economics, 21, 3, 10.1016/0304-405X(88)90030-X

Brown, 1994, Asset sales by financially distressed firms, Journal of Corporate Finance, 1, 233, 10.1016/0929-1199(94)90004-3

Coase, 1937, The nature of the firm, Economica, 4, 386, 10.1111/j.1468-0335.1937.tb00002.x

Comment, 1995, Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures, Journal of Financial Economics, 39, 3, 10.1016/0304-405X(94)00823-J

Dasgupta, S., Goyal, V., Tan, G., 1999. Active Asset Markets, Divestitures and Divisional Cross-Subsidization. Unpublished manuscript, Hong Kong University of Science and Technology.

Hite, 1983, Security price reactions around corporate spin-off announcements, Journal of Financial Economics, 12, 409, 10.1016/0304-405X(83)90042-9

Jarrell, 1989, The returns to acquiring firms in tender offers: evidence from three decades, Financial Management, 18, 12, 10.2307/3665645

Jarrell, 1988, The market for corporate control: the empirical evidence since 1980, Journal of Economic Perspectives, 2, 49, 10.1257/jep.2.1.49

Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323

Jensen, 1993, The modern industrial revolution: exit, and the failure of internal control systems, Journal of Finance, 48, 831, 10.2307/2329018

Jensen, 1983, The market for corporate control: the scientific evidence, Journal of Financial Economics, 11, 5, 10.1016/0304-405X(83)90004-1

Kahle, 1996, The impact of industry classifications on financial research, Journal of Financial and Quantitative Analysis, 31, 309, 10.2307/2331394

Kaplan, 1992, The success of acquisitions: evidence from divestitures, Journal of Finance, 47, 107, 10.2307/2329092

Klein, 1986, The timing and substance of divestiture announcements: individual, simultaneous and cumulative effects, Journal of Finance, 41, 685, 10.2307/2328500

Klein, 1997, Vertical integration as a self-enforcing contractual arrangement, American Economic Review, 87, 415

Klein, 1978, Vertical integration, appropriable rents, and the competitive contracting process, Journal of Law and Economics, 21, 297, 10.1086/466922

Krishnaswami, 1999, Information asymmetry, valuation, and the corporate spin-off decision, Journal of Financial Economics, 53, 73, 10.1016/S0304-405X(99)00017-3

Lang, 1995, Asset sales, firm performance, and the agency costs of managerial discretion, Journal of Financial Economics, 37, 3, 10.1016/0304-405X(94)00791-X

Maksimovic, V., Phillips, G., 1999. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains. Unpublished manuscript, University of Maryland.

Miles, 1983, The effect of voluntary spin-off announcements on shareholder wealth, Journal of Finance, 38, 1597, 10.2307/2327589

Mitchell, 1990, Do bad bidders become good targets?, Journal of Political Economy, 98, 372, 10.1086/261682

Mitchell, 1996, The impact of industry shocks on takeover and restructuring activity, Journal of Financial Economics, 41, 193, 10.1016/0304-405X(95)00860-H

Mitchell, 1999, Managerial decisions and long run stock price performance, Journal of Business

Roll, 1986, The Hubris theory of corporate takeovers, Journal of Business, 59, 197, 10.1086/296325

Schipper, 1983, Effects of recontracting on shareholder wealth: the case of voluntary spin-offs, Journal of Financial Economics, 12, 437, 10.1016/0304-405X(83)90043-0

Schipper, 1986, A comparison of equity carve-outs and seasoned equity offerings: share price effects and corporate restructuring, Journal of Financial Economics, 15, 153, 10.1016/0304-405X(86)90053-X

Schwert, 2000, Hostility in takeovers: in the eyes of the beholder?, Journal of Finance, 10.1111/0022-1082.00301

Servaes, 1991, Tobin's Q and the gains from takeovers, Journal of Finance, 46, 409, 10.2307/2328702

Shleifer, 1989, Managerial entrenchment: the case of manager-specific investments, Journal of Financial Economics, 25, 123, 10.1016/0304-405X(89)90099-8

Vijh, A.M., 1999. The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains? Unpublished manuscript, University of Iowa.