Readings in mergers and acquisitions:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass. u.a.
Blackwell
1994
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Blackwell finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 364 S. graph. Darst. |
| ISBN: | 1557864098 155786408X |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents
List of Figures vii
List of Tables viii
List of Contributors xii
1 Introduction: The Fourth Merger Wave and Beyond 1
Patrick A. Gaughan
2 Takeovers: Their Causes and Consequences 15
Michael C. Jensen
3 The Hubris Hypothesis of Corporate Takeovers 44
Richard Roll
4 Do Bad Bidders Become Good Targets? 62
Mark L. Mitchell and Kenneth Lehn
5 Operating Performance in Leveraged Buyouts: Evidence from
1985 1989 76
Tim C. Opler
6 The Shareholder Gains from Leveraged Cash outs: Some Preliminary
Evidence 87
Robert T. Kleiman
1 Leveraged Buyouts: Wealth Created or Wealth Redistributed? 99
Kenneth Lehn and Annette Poulsen
8 Original Issue High Yield Bonds: Aging Analyses of Defaults,
Exchanges, and Calls 114
Paul Asquith, David W. Mullinsjr., and Eric D. Wolff
I
vi Contents ¦
9 Returns and Volatility ofLow Grade Bonds: 1977 1989 145
Marsball E. Blume, Donald B. Keim, and Sandeep A. Patel
10 The Decline in Credit Quality of New issue Junk Bonds 171 /
Barrie A. Wigmore
11 Setting the Record Straight on Junk Bonds: A Review of the Research
on Default Rates and Returns 185
Edward I. Altman
12 Proxy Contests and the Governance of Publicly Held Corporations 205
Harry DeAngelo and Linda DeAngelo
13 Shareholder Activism and Share Values: The Causes and Consequences
of Countersolicitations Against Management Antitakeover Proposais 235
John Pound
14 Equity Carve outs 255
Kather ine Schipper and Abbie Smith
15 Divestitures: Mistakes or Learning? 271
J. Fred Weston
16 The Returns to Acquiring Firms in Tender Offers: Evidence from
Three Decades 284
Gregg A. Jarrell and Annette B. Poulsen
17 The Market for Corporate Control: The Empirical Evidence Since 1980 296
Gregg A. Jarrell, James A. Brickley, andjeffry M. Netter
18 The Effects of Antitakeover Amendments on Takeover Activity:
Some Direct Evidence 317
John Pound
19 The Information Effects of Takeover Bids and Resistance 330
John Pound
Index 349
Figures
1.1 Net merger and acquisition announcements, 1980—92 4
1.2 Total amount offered in mergers 4
1.3 Total high yield issues, 1980 93 10
1.4 High yield proceeds for mergers 10
1.5 High yield proceeds for LBOs 11
4.1 Stock price reactions to acquisition announcements (1982—6) 69
6.1 Plot of daily average abnormal returns 94
6.2 Plot of cumulative average abnormal returns 94
9.1 Major market indexes from December 1976 through December 1989 149
9.2 Frequency distributions of monthly returns for low grade bonds,
long term Treasury bonds, small Stocks, and the S P 500 152
9.3 Relative return volatility of low grade bonds compared to long term
governments and governments adjusted for specific features of
long term low grade bonds for January 1982 through December 1988 154
9.4 Age and maturity composition of the bonds in the low grade index
from 1982 through 1988 156
14.1 The stock market response to announcements of equity carve outs
and parent equity offerings 259
19.1 Schematic representation of the timing of earnings forecast
observations, takeover bids, and takeover contests 330
Tables
1.1 M A transactions: total versus hostile 5
1.2 Ten largest announced mergers and acquisitions of 1993 12
2.1 Intensity of industry takeover activity as measured by the value of
merger and acquisition transactions in the period 1981 4 19
2.2 Debt to equity ratios: non financial corporations 31
4.1 Frequency of different types of control transactions during 1980 8 66
4.2 Summary statistics for acquisitions during 1982 6 61
4.3 Abnormal stock market Performance associated with firms
announcing acquisitions during 1982—6 68
4.4 Abnormal stock market Performance associated with firms announc¬
ing acquisitions during 1982 6 that are subsequently divested versus
acquisitions during 1982—6 that are not subsequently divested 72
5.1 Distribution of sample leveraged buyouts by year 77
5.2 Identity of sample firms, Forbes Private 400 rank, sales revenues and
growth in operating cash flow/sales before and after the leveraged
buyout 79
5.3 Summary statistics for sales, operating cash flow, employees, leverage,
taxes, capital expenditures, and research and development expense for
44 leveraged buyouts completed in the 1985—9 period 80
5.4 Impact of LBOs on operating cash flow 81
5.5 Impact of LBOs on capital expenditures, taxes paid, and research and
development expense 82
5.6 Summary of studies of changes in firm operations after LBOs 83
6.1 List of leveraged recapitalizations 91
6.2 Capital structure changes resulting from the leveraged
recapitalizations 92
Tables ix
6.3 Changes in share ownership of insiders for firms announcing
leveraged recapitalizations 92
6.4 The market response to LCO announcements 93
7.1 Number and size of leveraged buyouts (1980—4) 100
7.2 Average long term debt, shareholders equity, and debt—equity
ratio, before and after a leveraged buyout 101
7.3 Number and size of leveraged buyouts by industry 101
7.4 Cumulative daily abnormal returns associated with first
announcement of a leveraged buyout proposal 104
7.5 Premiums paid in leveraged buyouts, 1980—4 105
7.6 Mean cash flow to equity ratio (CF/EQ) and mean market valued
premiums for firms with low cash flow to equity ratios and high
cash flow to equity ratios 106
7.7 Ordinary least Squares estimates of market valued premiums as a
function of cash flow to equity measures and as a function of equity
value 106
7.8 Bond and preferred stock price reaction to announcement of
leveraged buyout 109
7.9 Mean tax to equity ratio and mean offered market valued premium
for firms with1 low tax to equity ratios and high tax to equity
ratios 111
7.10 Ordinary least Squares estimates of market valued premium 112
8.1 New issuances of high yield bonds by number of bonds and par
amount for issue years 1977 86 118
8.2 Cumulative defaults for original issue high yield bonds until
12/31 /88 by year of issue 119
8.3 Aged defaults for high yield bonds grouped by year of issue 120
8.4 Yearly default percentages for original issue high yield bonds
calculated without aging 121
8.5 The average issue age of all high yield bonds issued after
January 1, 1977, until the date given 122
8.6 Cumulative successful exchanges for original issue high yield
bonds until 12/31/88 by year of issue 123
8.7 Amounts and percentages of successful exchanges that have
defaulted, matured, or been called from the exchange until
12/31 /88 by year of issue 124
8.8 Cumulative calls for all high yield bonds until 12/31/88 by year of
issue 125
8.9 Cumulative disposition of original issue high yield bonds by
percentage of par amount issued until 12/31/88 by year of issue 126
8.10 Distribution of issue year of original issue high yield bonds by
S P rating at time of issue 127
8.11 Share of original issue high yield bonds issued and cumulative
default percentages by underwriter 128
I
I
x Tables
8A. 1 Aged defaults for original issue high yield bonds grouped by year
ofissue 136 ]
8A.2 Aged default rates for high yield bonds by number of years since
issue date 140
8A.3 Average aged default rates for high yield bonds by number of years
since issue date 144
9 1 Summary statistics of returns for various asset categories 147
9 2 Summary statistics of subindexes of low grade bonds 157
9 3 Correlations of monthly returns for various asset classes 159
9 4 Regressions of low grade bond returns on bond and stock market
returns and dummy variables 160
9 5 Regression of excess returns of low grade and high grade bonds on
the excess returns of a reference portfolio 163
9A.1 Monthly returns for low grade bond index 164
10.1 Proforma credit ratios for junk bond issuers, 1980 8 172
10.2 Standard Poor s credit ratios for BBB industrial issuers 174
10.3 New issue junk bond ratings 177
10.4 Credit ratios for issuers of B rated junk bonds 178
10.5 EBIT coverage of interest and acquisition prices 178
10.6 LBO return model (8% EBITD growth) 180
10.7 LBO return model (3% EBITD growth) 181
11.1 Historical default rate low rated, straight debt only 1978 89 188
11.2 Default rates and losses, high yield debt market 1985 9 189
11.3 Adjusted mortality rates by original S P bond rating 191
11.4 Aged defaults for high yield bonds grouped by year of issue 192
11.5 Comparative junk bond mortality/aged default statistics: four
recent studies 192
11.6 Annual returns, yields, and spreads on long term government and
high yield bonds 196
11.7 Return spreads earned by corporate bonds over Treasury bonds 197
11.8 Implied annualized excess return spread over Treasury bonds 197
11.9 Break even conditions for total returns on junk bonds vs. US
Treasuries 200
11.10 Recovery rates on defaulted debt by seniority (1985 9) 202
12.1 Nature of first public announcement of dissident activity leading
to a proxy contest for 60 proxy contests for board seats on
New York and American stock exchange listed firms (1978 85) 208
12.2 Dissidents criticisms of incumbent managers in 60 proxy contests
for board seats on New York and American stock exchange listed
firms (1978 85) 209
12.3 Expertise and composition of the dissident group in 60 proxy
contests for board seats on New York and American stock
exchange listed firms (1978 85) 211
12.4 Stockholder wealth effects at initiation of dissident activity and
Tables xi
proxy contest outcome for 60 proxy contests for board seats on
New York and American stock exchange listed firms (1978 85) 215
12.5 Incidence and timing of Company sales/liquidations for 60 proxy
contests for board seats on New York and American stock
exchange listed firms(197 8 8 5) 217
12.6 Selected stockholder wealth effects for 60 proxy contests for board
seats on New York and American stock exchange listed firms
(1978 85) 218
12.7 Resignations by CEOs, presidents and/or board chairmen for a
subsample of 39 exchange listed firms in which dissidents did not
obtain board control in a proxy contest (1978 85) 220
12.8 Cumulative survival rate for incumbent management for 60 proxy
contests for board seats on New York and American exchange listed
firms (1978 85) 222
13.1 Value effects of shareholder votes and dissident campaigns 242
13.2 Ownership structure oftarget firms, 1981 6 246
14.1 Ownership changes for 73 subsidiaries carved out during 1965—83 263
15.1 Shareholder returns for Porter s sample, 1950 86 279
15.2 Porter ranking relative to shareholder returns, 1981—6 280
16.1 Descriptive statistics for successful tender offers from 1963—86 289
16.2 Cumulative abnormal returns for all successful bidders and
targets from 1963 86 289
16.3 Ordinary least Squares regressions results explaining acquiring
and target firms returns at announcement of tender offers from
1963 86 291
17.1 Cumulative excess returns to successful bidders for tender offers
during I960 to 1985 299
18.1 The effect of antitakeover amendments on the frequency of takeover
bids 321
18.2 The effect of antitakeover amendments on takeover premiums 322
18.3 The effect of antitakeover amendments on minority shareholder
wealth 324
18.4 Antitakeover amendments and the frequency of takeover resistance 325
18.5 Antitakeover amendments and the success of managerial resistance 326
18.6 Antitakeover amendments and takeover premiums for resisting
targets 327
19.1 Behavior of year ahead consensus earnings forecasts in the month
of initial bid announcements 337
19.2 Behavior of year ahead consensus earnings forecasts during
takeover contests 339
19.3 Mean squared forecast error for consensus earnings forecasts, for
earnings in the fiscal year following the defeat of the takeover bid 341
19.4 Tests for ex post bias in the defeat date forecasts for defeating targets 342
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| spelling | Readings in mergers and acquisitions ed. by Patrick A. Gaughan 1. publ. Cambridge, Mass. u.a. Blackwell 1994 XIII, 364 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Blackwell finance Bedrijfsovernames gtt Fusies gtt Consolidation and merger of corporations United States Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content USA (DE-588)4078704-7 g Mergers and Acquisitions (DE-588)4205916-1 s DE-604 Gaughan, Patrick A. Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006590975&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| subject_GND | (DE-588)4205916-1 (DE-588)4078704-7 (DE-588)4143413-4 |
| title | Readings in mergers and acquisitions |
| title_auth | Readings in mergers and acquisitions |
| title_exact_search | Readings in mergers and acquisitions |
| title_full | Readings in mergers and acquisitions ed. by Patrick A. Gaughan |
| title_fullStr | Readings in mergers and acquisitions ed. by Patrick A. Gaughan |
| title_full_unstemmed | Readings in mergers and acquisitions ed. by Patrick A. Gaughan |
| title_short | Readings in mergers and acquisitions |
| title_sort | readings in mergers and acquisitions |
| topic | Bedrijfsovernames gtt Fusies gtt Consolidation and merger of corporations United States Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Bedrijfsovernames Fusies Consolidation and merger of corporations United States Mergers and Acquisitions USA Aufsatzsammlung |
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