Financial Characteristics of Merged Firms: A Multivariate Analysis

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204 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Corporate Finance and Governance Financial Analysis and Corporate Governance Merger and Competition Analysis

Abstract

The FTC reported 22, 517 corporate acquisitions during the 1960s compared with 7200 for the period, 1940–1959. The increased employment of this method of corporate growth has generated a number of studies explaining certain segments of the merger movement. Attempts have been made to explain why firms merge, how firms merge, and how mergers have affected subsequent performance of firms. Mergers have been described as consummated to avoid bankruptcy (for the acquired firm), to capitalize upon managerial inefficiencies, to gain from valuation discrepancies, to achieve portfolio diversification, and for synergistic purposes and many other reasons.

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References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1968Modern Factor Analysis 1965Mergers and the Market for Corporate Control 1971A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER 1972An Empirical Test of Financial Ratio Analysis for Small Business Failure Prediction 1969An Economic Disturbance Theory of Mergers 1970DIVERSIFICATION, PORTFOLIO ANALYSIS AND THE UNEASY CASE FOR CONGLOMERATE MERGERS

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1973THE STABILITY OF FINANCIAL PATTERNS IN INDUSTRIAL ORGANIZATIONS 1984An application of logit analysis to prediction of merger targets 1988The Use of Excess Cash and Debt Capacity as a Motive for Merger 2016The Corporation, Competition, and the Invisible Hand 1977The effects of conglomerate mergers 1983An Empirical Analysis of the Role of the Medium of Exchange in Mergers 2000PREFDIS: a multicriteria decision support system for sorting decision problems

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