Empirical evidence of the value of monitoring in joint ownership

Journal of Banking & Finance - Tập 36 - Trang 1045-1056 - 2012
Tomas Mantecon1, Ian Liu1, Fei Gao2
1Department of Finance, Insurance, Real Estate, and Law, College of Business, University of North Texas, 1307 West Highland Street, Denton, TX 76201, USA
2Kelley College of Business, Hardin-Simmons University, 2200 Hickory, Abilene, TX 79698, USA

Tài liệu tham khảo

Akhigbe, 2000, Information-signaling and competitive effects of foreign acquisitions in the US, Journal of Banking and Finance, 24, 1307, 10.1016/S0378-4266(99)00074-6 Andreoni, 2009, Social image and the 50–50 norm: a theoretical and experimental analysis of audience effects, Econometrica, 77, 1607, 10.3982/ECTA7384 Asquith, 1983, The gains to bidding firms from mergers, Journal of Financial Economics, 11, 121, 10.1016/0304-405X(83)90007-7 Banerjee, 1998, Are mega-mergers anticompetitive? Evidence from the first great merger wave, RAND Journal of Economics, 29, 803, 10.2307/2556095 Berg, 1982 Betton, 2009, Merger negotiations and the toehold puzzle, Journal of Financial Economics, 91, 158 Bleeke, 1995, Is your strategic alliance really a sale?, Harvard Business Review, 73, 97 Brinig, 1998, Joint custody: bonding and monitoring theories, Indiana Law Journal, 73, 342 Brown, 1985, Using daily stock returns: the case of event studies, Journal of Financial Economics, 14, 3, 10.1016/0304-405X(85)90042-X Cakici, 1996, Foreign acquisitions in the United States: effect on shareholder wealth of foreign acquiring firms, Journal of Banking and Finance, 20, 307, 10.1016/0378-4266(94)00131-6 Coase, 1937, The nature of the firm, Econometrica, 4, 386 Crampton, 1987, Dissolving a partnership efficiently, Econometrica, 55, 615, 10.2307/1913602 Dafny, 2009, Estimation and identification of merger effects: an application to hospital mergers, Journal of Law and Economics, 52, 523, 10.1086/600079 Darrough, 1989, A bargaining approach to profit sharing joint ventures, Journal of Business, 62, 237, 10.1086/296461 Das, 2000, Instabilities of strategic alliances: an internal tensions perspective, Organization Science, 11, 77, 10.1287/orsc.11.1.77.12570 Desai, 2004, The costs of shared ownership: evidence from international joint ventures, Journal of Financial Economics, 73, 323, 10.1016/j.jfineco.2003.07.001 Devos, 2009, How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies, Review of Financial Studies, 22, 1179, 10.1093/rfs/hhn019 Duncan, 1982, Impacts of new entry and horizontal joint ventures on industrial rates of return, Review of Economics and Statistics, 64, 339, 10.2307/1924316 Eckbo, 1983, Horizontal mergers, collusion, and stockholder wealth, Journal of Financial Economics, 11, 241, 10.1016/0304-405X(83)90013-2 Eckbo, 1985, Mergers and the market concentration doctrine, Journal of Business, 58, 325, 10.1086/296300 Faccio, 2006, Returns to acquirers of listed and unlisted targets, Journal of Financial and Quantitative Analysis, 41, 197, 10.1017/S0022109000002477 Fee, 2004, Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms, Journal of Financial Economics, 74, 423, 10.1016/j.jfineco.2003.10.002 Gleason, 2003, Evidence on value creation in the financial services industries through the use of joint ventures and strategic alliances, Financial Review, 38, 213, 10.1111/1540-6288.00043 Grossman, 1986, The costs and benefits of ownership: a theory of vertical and lateral integration, Journal of Political Economy, 94, 691, 10.1086/261404 Habib, 2007, The role of knowhow acquisition in the formation and duration of joint ventures, Review of Financial Studies, 20, 189, 10.1093/rfs/hhl007 Halonen, 2002, Reputation and the allocation of ownership, Economic Journal, 112, 539, 10.1111/1468-0297.00729 Hart, 1995, Firms Hart, 1990, Property rights and the nature of the firm, Journal of Political Economy, 98, 1119, 10.1086/261729 Hauswald, R., Hege, U., 2005. Ownership and control in joint ventures, theory and evidence. Working paper, University of Maryland. Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323 Johnson, 2000, A reexamination of the motives and gains in joint ventures, Journal of Financial and Quantitative Analysis, 35, 67, 10.2307/2676239 Kim, 1993, Mergers and market power: evidence from the airline industry, American Economic Review, 83, 549 Kiymaz, 2004, Cross-border acquisitions of US financial institutions: impact of macroeconomic factors, Journal of Banking and Finance, 28, 1413, 10.1016/S0378-4266(03)00125-0 Kogut, 1991, Joint ventures and the option to expand and acquire, Management Science, 37, 19, 10.1287/mnsc.37.1.19 Lang, 1994, Tobin’s Q, corporate diversification, and firm performance, Journal of Political Economy, 120, 1248, 10.1086/261970 La Porta, 2003, Judicial checks and balances, Journal of Political Economy, 112, 445, 10.1086/381480 Mantecon, 2009, Mitigating risks in cross-border acquisitions, Journal of Banking and Finance, 33, 640, 10.1016/j.jbankfin.2008.12.001 Mantecon, 2007, An analysis of the disposition of assets in a joint venture, Journal of Banking and Finance, 31, 2591, 10.1016/j.jbankfin.2006.09.014 Maskin, 1999, Two remarks on the property-rights literature, Review of Economic Studies, 66, 139, 10.1111/1467-937X.00081 McConnell, 1985, Corporate combinations and common stock returns: the case of joint ventures, Journal of Finance, 40, 519, 10.2307/2327898 Moeller, 2004, Firm size and the gains from acquisitions, Journal of Financial Economics, 73, 201, 10.1016/j.jfineco.2003.07.002 Moeller, 2005, Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, Journal of Finance, 60, 757, 10.1111/j.1540-6261.2005.00745.x Morck, 1990, Do managerial objectives drive bad acquisitions?, Journal of Finance, 45, 31, 10.2307/2328808 Oxley, 1997, Appropriability hazards and governance in strategic alliances: a transaction cost approach, Journal of Law, Economics and Organization, 13, 387, 10.1093/oxfordjournals.jleo.a023389 Oxley, 2004, The scope and governance of international R&D alliances, Strategic Management Journal, 25, 723, 10.1002/smj.391 Oxley, 2009, Alliance structure and the scope of knowledge transfer: evidence from US–Japan, Management Science, 55, 635, 10.1287/mnsc.1080.0968 Pisano, 1989, Using equity participation to support exchange: evidence from the biotechnology industry, Journal of Law, Economics and Organization, 5, 109 Porter, 1990 Roll, 1986, The hubris hypothesis of corporate takeovers, Journal of Business, 59, 197, 10.1086/296325 Sapienza, 2002, The effects of banking mergers on loan contracts, Journal of Finance, 57, 329, 10.1111/1540-6261.00424 Schmitz, 2006, Information gathering, transaction costs, and the property rights approach, American Economic Review, 96, 422, 10.1257/000282806776157722 Slovin, 2007, Analyzing joint ventures as corporate control activity, Journal of Banking and Finance, 31, 2365, 10.1016/j.jbankfin.2006.09.009 Song, 2000, Abnormal returns to rivals of acquisition targets: a test of the acquisition probability hypothesis, Journal of Financial Economics, 55, 143, 10.1016/S0304-405X(99)00048-3 Stillman, 1983, Examining antitrust policy towards horizontal mergers, Journal of Financial Economics, 11, 225, 10.1016/0304-405X(83)90012-0 Tong, 2010, Competitive consequences of interfirm collaboration: how joint ventures shape industry profitability, Journal of International Business Studies, 41, 1056, 10.1057/jibs.2010.2 Williamson, 1975 Williamson, 1979, Transaction cost economics: the governance of contractual relations, Journal of Law and Economics, 22, 233, 10.1086/466942 Williamson, 1983, Credible commitments: using hostages to support exchange, American Economic Review, 73, 519