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Mergers and Corporate Governance
This authoritative collection of previously published articles emphasizes recent empirical research on mergers and corporate governance. The papers included present provocative questions dealing with the causes and effects of takeover and restructuring activity, the distribution of wealth gains between bidding and target firms, and the relevance of governance in modern corporations.
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Critical Acclaim
Contributors
Contents
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This authoritative collection of previously published articles emphasizes recent empirical research on mergers and corporate governance. The papers included present provocative questions dealing with the causes and effects of takeover and restructuring activity, the distribution of wealth gains between bidding and target firms, and the relevance of governance in modern corporations.
The discussion of such questions presents the latest thinking on mergers and corporate governance and also offers guidance for future work in the area. The body of work included in the volume is of particular relevance to scholars in corporate finance and industrial organization as well as policymakers in antitrust, corporate law, and securities regulation.
The discussion of such questions presents the latest thinking on mergers and corporate governance and also offers guidance for future work in the area. The body of work included in the volume is of particular relevance to scholars in corporate finance and industrial organization as well as policymakers in antitrust, corporate law, and securities regulation.
Critical Acclaim
‘. . . this volume is certainly worthy of study. It is a valuable reference for anybody with an interest in mergers, and the entire treatise is both instructive and stimulating in its discussions. Mulherin has done an excellent piece of work in providing an overview of some of the central themes in the mergers and corporate governance literature.’
– Thomas Poulsen, Finance Research Group, Aarhus School of Business in SUERF Newsletter, Dec 2004 (www.suerf.org)
‘These readings on mergers and corporate governance provide a powerful conceptual framework for the analysis of the causes and effects of merger activities. The framework is tested by a large number of empirical studies reprinted here. The book provides a powerful foundation for understanding past behavior and for predicting future developments. It is a useful text for courses on mergers and related activities as well as other courses in economics and finance.’
– J. Fred Weston, University of California Los Angeles, US
– Thomas Poulsen, Finance Research Group, Aarhus School of Business in SUERF Newsletter, Dec 2004 (www.suerf.org)
‘These readings on mergers and corporate governance provide a powerful conceptual framework for the analysis of the causes and effects of merger activities. The framework is tested by a large number of empirical studies reprinted here. The book provides a powerful foundation for understanding past behavior and for predicting future developments. It is a useful text for courses on mergers and related activities as well as other courses in economics and finance.’
– J. Fred Weston, University of California Los Angeles, US
Contributors
16 articles, dating from 1986 to 2002
Contributors include: E. Eckbo, G. Garvey, J. Graham, K. Lehn, M. Mitchell, J. Netter, A. Poulsen, R. Roll, W. Schwert, P. Swan
Contributors include: E. Eckbo, G. Garvey, J. Graham, K. Lehn, M. Mitchell, J. Netter, A. Poulsen, R. Roll, W. Schwert, P. Swan
Contents
Contents:
Acknowledgements
Introduction J. Harold Mulherin
PART I THE CAUSES AND EFFECTS OF MERGER ACTIVITY
1. Mark L. Mitchell and J. Harold Mulherin (1996), ‘The Impact of Industry Shocks on Takeover and Restructuring Activity’
2. Joseph P.H. Fan (2000), ‘Price Uncertainty and Vertical Integration: An Examination of Petrochemical Firms’
3. Gregor Andrade, Mark Mitchell and Erik Stafford (2001), ‘New Evidence and Perspectives on Mergers’
4. David A. Becher (2000), ‘The Valuation Effects of Bank Mergers’
PART II TAKEOVER BIDDING
5. Mark L. Mitchell and Kenneth Lehn (1990), ‘Do Bad Bidders Become Good Targets?’
6. Richard Roll (1986), ‘The Hubris Hypothesis of Corporate Takeovers’
7. Sandra Betton and B. Espen Eckbo (2000), ‘Toeholds, Bid Jumps, and Expected Payoffs in Takeovers’
8. Robert G. Hansen (2001), ‘Auctions of Companies’
PART III CORPORATE RESTRUCTURING
9. J. Harold Mulherin and Audra L. Boone (2000), ‘Comparing Acquisitions and Divestitures’
10. Vojislav Maksimovic and Gordon Phillips (2001), ‘The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?’
11. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’
12. Kenneth Lehn, Jeffry Netter and Annette Poulsen (1990), ‘Consolidating Corporate Control: Dual-class Recapitalizations versus Leveraged Buyouts’
PART IV CORPORATE GOVERNANCE
13. Gerald T. Garvey and Peter L. Swan (1994), ‘The Economics of Corporate Governance: Beyond the Marshallian Firm’
14. Robert Comment and G. William Schwert (1995), ‘Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures’
15. J. Harold Mulherin and Annette B. Poulsen (1998), ‘Proxy Contests and Corporate Change: Implications for Shareholder Wealth’
16. Stacey R. Kole and Kenneth M. Lehn (1999), ‘Deregulation and the Adaptation of Governance Structure: The Case of the U.S. Airline Industry’
Name Index
Acknowledgements
Introduction J. Harold Mulherin
PART I THE CAUSES AND EFFECTS OF MERGER ACTIVITY
1. Mark L. Mitchell and J. Harold Mulherin (1996), ‘The Impact of Industry Shocks on Takeover and Restructuring Activity’
2. Joseph P.H. Fan (2000), ‘Price Uncertainty and Vertical Integration: An Examination of Petrochemical Firms’
3. Gregor Andrade, Mark Mitchell and Erik Stafford (2001), ‘New Evidence and Perspectives on Mergers’
4. David A. Becher (2000), ‘The Valuation Effects of Bank Mergers’
PART II TAKEOVER BIDDING
5. Mark L. Mitchell and Kenneth Lehn (1990), ‘Do Bad Bidders Become Good Targets?’
6. Richard Roll (1986), ‘The Hubris Hypothesis of Corporate Takeovers’
7. Sandra Betton and B. Espen Eckbo (2000), ‘Toeholds, Bid Jumps, and Expected Payoffs in Takeovers’
8. Robert G. Hansen (2001), ‘Auctions of Companies’
PART III CORPORATE RESTRUCTURING
9. J. Harold Mulherin and Audra L. Boone (2000), ‘Comparing Acquisitions and Divestitures’
10. Vojislav Maksimovic and Gordon Phillips (2001), ‘The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?’
11. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’
12. Kenneth Lehn, Jeffry Netter and Annette Poulsen (1990), ‘Consolidating Corporate Control: Dual-class Recapitalizations versus Leveraged Buyouts’
PART IV CORPORATE GOVERNANCE
13. Gerald T. Garvey and Peter L. Swan (1994), ‘The Economics of Corporate Governance: Beyond the Marshallian Firm’
14. Robert Comment and G. William Schwert (1995), ‘Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures’
15. J. Harold Mulherin and Annette B. Poulsen (1998), ‘Proxy Contests and Corporate Change: Implications for Shareholder Wealth’
16. Stacey R. Kole and Kenneth M. Lehn (1999), ‘Deregulation and the Adaptation of Governance Structure: The Case of the U.S. Airline Industry’
Name Index
