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Corporate asset purchases and sales: Theory and evidence☆
16 references·16 citing·34 second hopsampled
Corporate asset purchases and sales: Theory and evidence☆ (2007)Corporate asset purchases and sales: Theo…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Estimating Standard Errors in…What drives merger waves? (2005)What drives merger waves?Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave (2005)Wealth Destruction on a Massi…New Evidence and Perspectives on Mergers (2001)New Evidence and Perspectives…Entry, Exit, and firm Dynamics in Long Run Equilibrium (1992)Entry, Exit, and firm Dynamic…Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data (1992)Debt, Liquidity Constraints, …Property Rights and the Nature of the Firm (1990)Property Rights and the Natur…Recursive Methods in Economic Dynamics (1989)Recursive Methods in Economic…Financing Constraints and Corporate Investment (1988)Financing Constraints and Cor…Financing Constraints and Corporate Investment (1987)Financing Constraints and Cor…The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration (1986)The Costs and Benefits of Own…Tobin's Marginal q and Average q: A Neoclassical Interpretation (1982)Tobin's Marginal q and Averag…Vertical Integration, Appropriable Rents, and the Competitive Contracting Process (1978)Vertical Integration, Appropr…Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Markets and Hierarchies: Anal…Shadow Prices, Market Wages, and Labor Supply (1974)Shadow Prices, Market Wages, …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Trade-offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-offs (2020)Trade-offs between Asset Loca…Acquiring Innovation Under Information Frictions (2019)Acquiring Innovation Under In…Investment, Tobin’s q, and interest rates (2018)Investment, Tobin’s q, and in…Inefficiencies and externalities from opportunistic acquirers (2018)Inefficiencies and externalit…Bid anticipation, information revelation, and merger gains (2018)Bid anticipation, information…Productivity and liquidity management under costly financing (2017)Productivity and liquidity ma…Financing Asset Sales and Business Cycles (2017)Financing Asset Sales and Bus…Acquiring growth (2017)Acquiring growthDiversification and cash dynamics (2016)Diversification and cash dyna…Business portfolio restructuring: a comprehensive bibliometric review (2014)Business portfolio restructur…Value creation from asset sales: New evidence from bond and stock markets (2013)Value creation from asset sal…Ownership Structure and Divestiture Decisions: Evidence from Australian Firms (2013)Ownership Structure and Dives…Waves of International Mergers and Acquisitions (2011)Waves of International Merger…The Determinants of Reputational Risk in the Banking Sector (2011)The Determinants of Reputatio…The effect of depreciation method choice on asset selling prices (2010)The effect of depreciation me…The Real Determinants of Asset Sales (2008)The Real Determinants of Asse…Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency under Competition (1982)Creative accounting or creative destruction? Firm-level productivity growth in Chinese manufacturing (2011)What Determines Productivity? (2011)Who Creates Jobs? Small versus Large versus Young (2012)The Nature of the Firm (1937)Production, Information Costs and Economic Organization (1996)Formal and Real Authority in Organizations (1997)Does function follow organizational form? Evidence from the lending practices of large and small banks (2005)Unbundling Institutions (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (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)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Problem of Social Cost (1960)The quality of government (1999)The New Institutional Economics: Taking Stock, Looking Ahead (2000)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Credit Rationing in Markets with Imperfect Information (1981)Agency costs of free cash flow, corporate finance, and takeovers (1996)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Separation of Ownership and Control (1983)The Commitment-Trust Theory of Relationship Marketing (1994)Time to Build and Aggregate Fluctuations (1982)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)The Impact of Uncertainty Shocks (2009)Comparative Economic Organization: The Analysis of Discrete Structural Alternatives (1991)Indivisible labor and the business cycle (1985)Occupational Choice and the Process of Development (1993)The Theory of Incentives: The Principal-Agent Model (2001)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Threshold effects in non-dynamic panels: Estimation, testing, and inference (1999)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1976Markets and Hierarchies: Analysis and Antitrust Implications.13,381 cited
  • 1986The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration9,369 cited
  • 1978Vertical Integration, Appropriable Rents, and the Competitive Contracting Process5,797 cited
  • 1988Financing Constraints and Corporate Investment5,566 cited
  • 1990Property Rights and the Nature of the Firm5,407 cited
  • 1987Financing Constraints and Corporate Investment4,354 cited
  • 1982Tobin's Marginal q and Average q: A Neoclassical Interpretation3,178 cited
  • 1989Recursive Methods in Economic Dynamics3,065 cited
  • 1992Entry, Exit, and firm Dynamics in Long Run Equilibrium2,853 cited
  • 2001New Evidence and Perspectives on Mergers2,803 cited
  • 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches2,559 cited
  • 1974Shadow Prices, Market Wages, and Labor Supply1,852 cited
  • 1992Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data1,686 cited
  • 2005What drives merger waves?1,509 cited

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Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave
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Cited by

  • 2011The Determinants of Reputational Risk in the Banking Sector148 cited
  • 2008The Real Determinants of Asset Sales124 cited
  • 2018Bid anticipation, information revelation, and merger gains81 cited
  • 2017Acquiring growth69 cited
  • 2016Diversification and cash dynamics59 cited
  • 2018Investment, Tobin’s q, and interest rates59 cited
  • 2018Inefficiencies and externalities from opportunistic acquirers47 cited
  • 2014Business portfolio restructuring: a comprehensive bibliometric review42 cited
  • 2017Financing Asset Sales and Business Cycles38 cited
  • 2010The effect of depreciation method choice on asset selling prices33 cited
  • 2013Value creation from asset sales: New evidence from bond and stock markets28 cited
  • 2017Productivity and liquidity management under costly financing28 cited
  • 2019Acquiring Innovation Under Information Frictions28 cited
  • 2013Ownership Structure and Divestiture Decisions: Evidence from Australian Firms21 cited
  • 2020Trade-offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-offs19 cited
  • 2011Waves of International Mergers and Acquisitions18 cited