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Horizontal mergers, collusion, and stockholder wealth
6 references·16 citing·48 second hop
Horizontal mergers, collusion, and stockholder wealth (1983)Horizontal mergers, collusion, and stockh…The wealth effect of merger activity and the objective functions of merging firms (1983)The wealth effect of merger a…Evidence on the capitalized value of merger activity for acquiring firms (1983)Evidence on the capitalized v…Merger proposals, management discretion and stockholder wealth (1980)Merger proposals, management …Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…Risk and return: The case of merging firms (1974)Risk and return: The case of …A Theory of Oligopoly (1964)A Theory of OligopolyFailure and Success in Mergers and Acquisitions (2019)Failure and Success in Merger…The Importance of Industry Links in Merger Waves (2013)The Importance of Industry Li…The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research (2013)The Corporate Social Performa…Information Externalities along the Supply Chain: The Economic Determinants of Suppliers’ Stock Price Reaction to Their Customers’ Earnings Announcements* (2011)Information Externalities alo…Bidding strategies and takeover premiums: A review (2008)Bidding strategies and takeov…Vertical Integration and Firm Boundaries: The Evidence (2007)Vertical Integration and Firm…News spillovers in the sovereign debt market (2005)News spillovers in the sovere…Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms (2004)Sources of gains in horizonta…Do tender offers create value? New methods and evidence (2004)Do tender offers create value…Stockholder, Manager, and Creditor Interests: Applications of Agency Theory (2000)Stockholder, Manager, and Cre…Socially Irresponsible and Illegal Behavior and Shareholder Wealth (1997)Socially Irresponsible and Il…MERGERS AND MARKET POWER -- EVIDENCE FROM THE AIRLINE INDUSTRY. (1993)MERGERS AND MARKET POWER -- E…Sources of value creation in acquisitions: An empirical investigation (1990)Sources of value creation in …The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions (1988)The Effect of Corporate Multi…The Effect of Voluntary Sell-Off Announcements on Shareholder Wealth (1985)The Effect of Voluntary Sell-…Examining antitrust policy towards horizontal mergers (1983)Examining antitrust policy to…The market for corporate control (1983)Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms (1988)Takeovers: Their Causes and Consequences (1988)Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence From The Banking Industry (1998)Wealth creation versus wealth redistributions in pure stock-for-stock mergers1We are grateful to Tom Arnold, Sanjai Bhagat, James Bicksler, David Blackwell, Ekkehart Boehmer, Ted Bos, Robert Brokaw, Bill Carleton, Bob Comment, Chris Cornwell, Mary Dehner, Bob Eisenbeis, Jimmy Hilliard, Randy Howard, Steve Jones, Ed Kane, Josef Lakonishok, Larry Lang, Bill Lewellen, Marc Lipson, Paul Malatesta, Jeff Netter, Cathy Niden, Volker Pollmann, Annette Poulsen, Jay Ritter, Richard Ruback, Louis Scott, Joe Sinkey, Bill Schwert (the editor), Ralph Walkling (the referee), Ron Warren, J. Fred Weston, Karen Wruck, and seminar participants at the University of Arizona, the University of Delaware, the University of Illinois, the University of Georgia, the University of Miami, Seattle University, the 1995 European Finance Association, the 1996 Financial Management Association, and the 1996 American Finance Association meetings for their helpful comments and recommendations. We also gratefully acknowledge the financial support provided for this project by the University of Georgia Research Foundation. Finally, Steve Henry, Rick McKinney, David Quillian, and Ryan Vaughn provided vital assistance with data collection and assisted with data input.1 (1998)Acquisition vs. internal development as modes of market entry (2009)The Logic of Collective Action (1965)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Moderating Effect of Environmental Munificence and Dynamism on the Relationship Between Discretionary Social Responsibility and Firm Performance (2004)Strategic management a stakeholder approach (2010)Doing good deeds in times of need: a strategic perspective on corporate disaster donations (2011)Meta-analyses on Corporate Social Responsibility (CSR): a literature review (2021)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Mergers and the Market for Corporate Control (1965)Foundations of Finance. (1977)Day of the Week Effects and Asset Returns (1981)Research on corporate diversification: A synthesis (1989)Efficient Capital Markets: II (1991)The Nature of the Firm (1937)The Economic Institutions of Capitalism (1987)Econometric Analysis of Cross Section and Panel Data (2001)Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California: Reply (2010)How firms respond to mandatory information disclosure (2013)Vertical Integration and Input Flows (2014)Capital Market Equilibrium with Restricted Borrowing (1972)Factors influencing wealth creation from mergers and acquisitions: A meta‐analysis (1992)Motives for Takeovers: An Empirical Investigation (1993)The Theory of the Growth of the Firm (1995)Beyond Greed and Fear (2002)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)Measuring security price performance (1980)Strategic Factor Markets: Expectations, Luck, and Business Strategy (1986)Transaction-Cost Economics: The Governance of Contractual Relations (1979)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Quantitative Easing and Volatility Spillovers Across Countries and Asset Classes (2016)Friend or foe: Customer-supplier relationships and innovation (2017)Network causality structures among Bitcoin and other financial assets: A directed acyclic graph approach (2018)Industry costs of equity (1997)The Limitations of Industry Concentration Measures Constructed with Compustat Data: Implications for Finance Research (2008)Corporate Innovation Along the Supply Chain (2018)Markets with Consumer Switching Costs (1987)Deposit Insurance, Risk, and Market Power in Banking (1988)Chapter 17 Empirical studies of industries with market power (1989)
this work references cited by second hop

References

  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1964A Theory of Oligopoly1,817 cited
  • 1974Risk and return: The case of merging firms869 cited
  • 1980Merger proposals, management discretion and stockholder wealth638 cited
  • 1983The wealth effect of merger activity and the objective functions of merging firms560 cited
  • 1983Evidence on the capitalized value of merger activity for acquiring firms388 cited

Cited by

  • 2007Vertical Integration and Firm Boundaries: The Evidence712 cited
  • 2004Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms706 cited
  • 1993MERGERS AND MARKET POWER -- EVIDENCE FROM THE AIRLINE INDUSTRY.630 cited
  • 2013The Importance of Industry Links in Merger Waves494 cited
  • 1997Socially Irresponsible and Illegal Behavior and Shareholder Wealth481 cited
  • 1988The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions430 cited
  • 2005News spillovers in the sovereign debt market378 cited
  • 1983Examining antitrust policy towards horizontal mergers377 cited
  • 2019Failure and Success in Mergers and Acquisitions

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346 cited
  • 1990Sources of value creation in acquisitions: An empirical investigation342 cited
  • 1985The Effect of Voluntary Sell-Off Announcements on Shareholder Wealth321 cited
  • 2013The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research320 cited
  • 2008Bidding strategies and takeover premiums: A review306 cited
  • 2004Do tender offers create value? New methods and evidence303 cited
  • 2011Information Externalities along the Supply Chain: The Economic Determinants of Suppliers’ Stock Price Reaction to Their Customers’ Earnings Announcements*286 cited
  • 2000Stockholder, Manager, and Creditor Interests: Applications of Agency Theory284 cited