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The Impact of Merger Bids on the Participating Firms' Security Holders
16 references·16 citing·35 second hopsampled
The Impact of Merger Bids on the Participating Firms' Security Holders (1982)The Impact of Merger Bids on the Particip…Common stock repurchases (1981)Common stock repurchasesThe effects of capital structure change on security prices (1980)The effects of capital struct…Merger proposals, management discretion and stockholder wealth (1980)Merger proposals, management …Measuring security price performance (1980)Measuring security price perf…On financial contracting (1979)On financial contractingAn application of a three-factor performance index to measure stockholder gains from merger (1978)An application of a three-fac…Foundations of Finance. (1977)Foundations of Finance.Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The option pricing model and the risk factor of stock (1976)The option pricing model and …Price performance of common stock new issues (1975)Price performance of common s…Risk and return: The case of merging firms (1974)Risk and return: The case of …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY (1973)A MEAN‐VARIANCE SYNTHESIS OF …Capital Market Equilibrium with Restricted Borrowing (1972)Capital Market Equilibrium wi…A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER (1971)A PURE FINANCIAL RATIONALE FO…An Economic Disturbance Theory of Mergers (1969)An Economic Disturbance Theor…Left Behind: Creative Destruction, Inequality, and the Stock Market (2019)Left Behind: Creative Destruc…Inside Debt and Mergers and Acquisitions (2014)Inside Debt and Mergers and A…Limited arbitrage between equity and credit markets (2012)Limited arbitrage between equ…The legal environment and corporate valuation: Evidence from cross-border takeovers (2008)The legal environment and cor…Corporate Takeovers**Surveying the vast area of corporate takeovers is a daunting task, and we have undoubtedly missed many interesting contributions. We apologize to those who feel their research has been left out or improperly characterized, and welcome reactions and comments. Some of the material in Section 3 is also found in Eckbo (2008). (2008)Corporate Takeovers**Surveyin…Larger Return to Cash Acquisitions: Signaling Effect or Leverage Effect?* (2003)Larger Return to Cash Acquisi…Corporate Governance and Control (2002)Corporate Governance and Cont…Valuation of the Components of Purchased Goodwill (2000)Valuation of the Components o…The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function (1997)The Effects of Megamergers on…TAKEOVER ACTIVITY, CEO TURNOVER, AND THE MARKET FOR CORPORATE CONTROL (1996)TAKEOVER ACTIVITY, CEO TURNOV…Evidence on real gains in corporate acquisitions (1996)Evidence on real gains in cor…Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification (1995)Motivations for Bank Mergers …Capital Structure and the Market for Corporate Control: The Defensive Role of Debt Financing (1991)Capital Structure and the Mar…The Use of Excess Cash and Debt Capacity as a Motive for Merger (1988)The Use of Excess Cash and De…THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS (1988)THE IMPACT OF BOND RATING CHA…A Theory of Preemptive Takeover Bidding (1988)A Theory of Preemptive Takeov…The Problem of Social Cost (1960)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Financial Intermediation and Delegated Monitoring (1984)A Survey of Corporate Governance (1997)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The valuation of compound options (1979)Ownership Structure, Deregulation, and Bank Risk Taking (1990)Strong boards, CEO power and bank risk-taking (2009)An Empirical Evaluation of Accounting Income Numbers (1968)The Adjustment of Stock Prices to New Information (1969)Using daily stock returns (1985)Event Studies in Economics and Finance (1997)Introductory Econometrics for Finance (2008)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)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Corporate focus and stock returns (1995)Curvilinearity in the diversification-performance linkage: an examination of over three decades of research (2000)The cost of capital, corporation finance and the theory of investment (2008)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Law and Finance (1998)The arbitrage theory of capital asset pricing (1976)The Cross-Section of Expected Stock Returns (1992)Strategic Factor Markets: Expectations, Luck, and Business Strategy (1986)Efficient Capital Markets: II (1991)Market Efficiency, Long-Term Returns, and Behavioral Finance (1997)The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States (1999)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Does the Stock Market Overreact? (1985)Multifactor Explanations of Asset Pricing Anomalies (1996)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1980Measuring security price performance3,330 cited
  • 1972Capital Market Equilibrium with Restricted Borrowing3,097 cited
  • 1979On financial contracting2,901 cited
  • 1975Price performance of common stock new issues1,341 cited
  • 1976The option pricing model and the risk factor of stock1,239 cited
  • 1971A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER1,189 cited
  • 1977Foundations of Finance.1,128 cited
  • 1974Risk and return: The case of merging firms869 cited
  • 1981Common stock repurchases697 cited
  • 1980Merger proposals, management discretion and stockholder wealth638 cited
  • 1969An Economic Disturbance Theory of Mergers607 cited
  • 1973A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY538 cited
  • 1980The effects of capital structure change on security prices529 cited
  • 1978An application of a three-factor performance index to measure stockholder gains from merger

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328 cited

Cited by

  • 1988A Theory of Preemptive Takeover Bidding368 cited
  • 2008Corporate Takeovers**Surveying the vast area of corporate takeovers is a daunting task, and we have undoubtedly missed many interesting contributions. We apologize to those who feel their research has been left out or improperly characterized, and welcome reactions and comments. Some of the material in Section 3 is also found in Eckbo (2008).220 cited
  • 1995Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification210 cited
  • 2002Corporate Governance and Control198 cited
  • 2000Valuation of the Components of Purchased Goodwill197 cited
  • 1991Capital Structure and the Market for Corporate Control: The Defensive Role of Debt Financing174 cited
  • 1997The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function169 cited
  • 1988The Use of Excess Cash and Debt Capacity as a Motive for Merger160 cited
  • 1996TAKEOVER ACTIVITY, CEO TURNOVER, AND THE MARKET FOR CORPORATE CONTROL146 cited
  • 2014Inside Debt and Mergers and Acquisitions143 cited
  • 2012Limited arbitrage between equity and credit markets139 cited
  • 1996Evidence on real gains in corporate acquisitions120 cited
  • 2003Larger Return to Cash Acquisitions: Signaling Effect or Leverage Effect?*102 cited
  • 2008The legal environment and corporate valuation: Evidence from cross-border takeovers101 cited
  • 2019Left Behind: Creative Destruction, Inequality, and the Stock Market94 cited
  • 1988THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS93 cited