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The Takeover Controversy: Analysis and Evidence
6 references·16 citing·51 second hop
The Takeover Controversy: Analysis and Evidence (2003)The Takeover Controversy: Analysis and Ev…Valuation effects of security offerings and the issuance process (1986)Valuation effects of security…Valuation effects of corporate debt offerings (1986)Valuation effects of corporat…Seasoned equity offerings (1986)Seasoned equity offeringsThe gains to bidding firms from merger (1983)The gains to bidding firms fr…Shareholder wealth, information signaling and the specially designated dividend (1983)Shareholder wealth, informati…The effects of capital structure change on security prices (1980)The effects of capital struct…Agency Costs of Free Cash Flow (2015)Agency Costs of Free Cash FlowTime Horizon, Costs of Equity Capital, and Generic Investment Strategies of Firms (2007)Time Horizon, Costs of Equity…Corporate social performance, financial performance and institutional ownership in Canadian firms (2007)Corporate social performance,…Principal-agent relationships on the stewardship-agency axis (2006)Principal-agent relationships…Corporate Governance In Institutions Offering Islamic Financial Services : Issues And Options (2006)Corporate Governance In Insti…Business groups and their types (2006)Business groups and their typ…Managerial myopia or systemic short‐termism? (2004)Managerial myopia or systemic…The structure and progressivity of accounting research: the crisis in the academy revisited (2002)The structure and progressivi…The Effect of Foreign Acquisitions on Total Factor Productivity: Plant-Level Evidence from U.K. Manufacturing, 1987–1992 (2002)The Effect of Foreign Acquisi…Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting (2002)Managerial Ownership, Informa…Do institutional investors exacerbate managerial myopia? (2000)Do institutional investors ex…On the Heterogeneity of Leveraged Going Private Transactions (1999)On the Heterogeneity of Lever…Economic Behavior in Institutional Environments: The Corporate Merger Wave of the 1980s (1996)Economic Behavior in Institut…Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypotheses (1996)Cross-border acquisitions and…Active investors and management turnover following unsuccessful control contests (1996)Active investors and manageme…Corporate takeovers, firm performance, and board composition (1995)Corporate takeovers, firm per…DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Dividend Policy, Growth, and the Valuation of Shares (1961)Principles of Corporate Finance. (1981)The incremental information content of cash-flow components (1990)Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements (2000)Special dividends and the evolution of dividend signaling (2000)Merger bids, uncertainty, and stockholder returns (1983)The Market for Corporate Control: The Scientific Evidence (2002)Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda (2009)The costs of intense board monitoring (2011)International Corporations: The Industrial Economics of Foreign Investment (1971)Risk Reduction as a Managerial Motive for Conglomerate Mergers (1981)Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures (2000)The role of R&D intensity, technical development and absorptive capacity in creating entrepreneurial wealth in high technology start-ups (2001)Mitigating risk in international mergers and acquisitions: the role of contingent payouts (2003)The International Operations of National Firms: A Study of Direct Foreign Investment (2009)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Capital Structure Puzzle (1984)The New Issues Puzzle (1995)The Impact of Environmental Management on Firm Performance (1996)Event Studies in Economics and Finance (1997)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Convertible bonds as backdoor equity financing (1992)Seasoned public offerings: Resolution of the "new issues puzzle" (1998)Trade-Off and Pecking Order Theories of Debt (2005)A Three-Dimensional Conceptual Model of Corporate Performance (1979)A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance (1995)Corporate Social Responsibility: A Theory of the Firm Perspective (2001)Does Ownership Type Matter for Corporate Social Responsibility? (2012)Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector (2014)Social Performance and Firm Risk: Impact of the Financial Crisis (2016)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Entrepreneurial orientation in long-lived family firms (2010)Family Firm Governance, Strategic Conformity, and Performance: Institutional vs. Strategic Perspectives (2012)Corporate Social Responsibility Reporting: A Content Analysis in Family and Non-family Firms (2014)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)Some evidence on the uniqueness of bank loans (1987)Efficient Capital Markets: II (1991)Determinants of corporate borrowing (1977)Specification Tests in Econometrics (1978)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The relationship between managerial ownership and firm performance in high R&D firms (2002)External corporate governance and financial fraud: cognitive evaluation theory insights on agency theory prescriptions (2016)Multiple large shareholders and corporate investment: Evidence from China (2018)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Pricing of Options and Corporate Liabilities (1973)The valuation effects of stock splits and stock dividends (1984)
this work references cited by second hop

References

  • 1986Valuation effects of security offerings and the issuance process1,213 cited
  • 1983The gains to bidding firms from merger983 cited
  • 1986Seasoned equity offerings897 cited
  • 1980The effects of capital structure change on security prices529 cited
  • 1986Valuation effects of corporate debt offerings514 cited
  • 1983Shareholder wealth, information signaling and the specially designated dividend337 cited

Cited by

  • 2007Time Horizon, Costs of Equity Capital, and Generic Investment Strategies of Firms442 cited
  • 2007Corporate social performance, financial performance and institutional ownership in Canadian firms354 cited
  • 2000Do institutional investors exacerbate managerial myopia?319 cited
  • 1996Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypotheses236 cited
  • 2006Principal-agent relationships on the stewardship-agency axis207 cited
  • 2002The Effect of Foreign Acquisitions on Total Factor Productivity: Plant-Level Evidence from U.K. Manufacturing, 1987–1992201 cited
  • 1996Active investors and management turnover following unsuccessful control contests197 cited
  • 2004Managerial myopia or systemic short‐termism?184 cited

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1995
Corporate takeovers, firm performance, and board composition
182 cited
  • 2015Agency Costs of Free Cash Flow182 cited
  • 1999On the Heterogeneity of Leveraged Going Private Transactions181 cited
  • 2002Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting176 cited
  • 2002The structure and progressivity of accounting research: the crisis in the academy revisited174 cited
  • 1996Economic Behavior in Institutional Environments: The Corporate Merger Wave of the 1980s168 cited
  • 2006Business groups and their types166 cited
  • 2006Corporate Governance In Institutions Offering Islamic Financial Services : Issues And Options165 cited