Mergers and efficiency: changes across time
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston
Kluwer Academic Publishers
2002
|
| Series: | The Milken Institute series on financial innovation and economic growth
3 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Originally presented as the author's thesis (doctoral)--New York University. - Includes bibliographical references (p. [261]-274) and index |
| Physical Description: | xxx, 277 p. ill. : 25 cm |
| ISBN: | 1402070152 |
Staff View
MARC
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| 650 | 4 | |a Consolidation and merger of corporations | |
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Record in the Search Index
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| adam_text | TABLE OF CONTENTS
DEDICATION v
LIST OF TABLES xi
LIST OF FIGURES xv
LIST OF APPENDICES xvii
NOTE FROM THE EDITORS xix
ACKNOWLEDGMENTS xxiii
PREFACE xxv
CHAPTER 1: INEFFICIENCY AS DETERMINANT OF THE RISK
OF TAKEOVER 1
INTRODUCTION 1
I. CURRENT KNOWLEDGE 5
II. PERFORMANCE MEASURES 9
III. SAMPLE AND DATA DESCRIPTION 13
IV. DESCRIPTIVE STATISTICS 17
V. COX REGRESSION MODEL 26
VI. INITIAL ESTIMATION OF THE HAZARD OF TAKEOVER 35
VII. BUILDING MODELS FOR THE DETERMINANTS OF
TAKEOVERS 39
VIII. THE SIZE EFFICIENCY TRADE OFF: ISO RISK CURVES 61
IX. CONCLUSIONS 71
CHAPTER 2: HETEROGENEITY IN THE TARGETS OF
TAKEOVERS 73
PART ONE: Mood 73
INTRODUCTION 73
I. PRIOR STUDIES ON HETEROGENEITY 76
II. ADDITIONAL DATA 80
III. DESCRIPTIVE STATISTICS 82
IV. MODELS 91
V. DISCUSSION 99
PART TWO: BUYER TYPES 100
INTRODUCTION 100
VI. PRIOR STUDIES ON TARGETS OF DIFFERENT BUYER
TYPES 102
VII. DESCRIPTIVE STATISTICS 104
VIII. MODELS 105
DC. CONCLUSIONS 113
CHAPTER 3: THE EFFICIENCY EFFECTS OF TAKEOVERS 115
INTRODUCTION 115
I. PRIOR RESEARCH ON POST TAKEOVER PERFORMANCE 119
II. SAMPLE AND DATA DESCRIPTION 119
III. DESCRIPTIVE STATISTICS 123
IV. ECONOMETRIC CONSIDERATIONS 131
V. RESULTS 135
viii
VI. CONCLUSIONS 148
APPENDICES 151
BIBLIOGRAPHY 261
INDEX 275
LIST OF TABLES
Table 1 Variable Definitions 15
Table 2 Number of Firms in Sample, by Year 18
Table 3 Median Industry Adjusted Performance Measures 19
Table 4 Comparison of Target and Buyer Medians 23
Table 5 Frequency of Takeover Role Associated with Performance 25
Table 6 — General Hypotheses 36
Table 7 Results for Hypothesis Testing Initial Estimation 38
Table 8 Temporal Risk Profile Size Across Periods 41
Table 9 Marginal Risk Size Within Periods 44
Table 10 Costs Specification 48
Table 11 Firm Efficiency Model with Size and Costs 50
Table 12 Building the Firm Efficiency Model 52
Table 13 Proportionality of Sectors in Firm Efficiency Model 54
Table 14 Specification for Share Return 58
Table 15 Market Valuation Model 60
Table 16 Estimated Relative Risk for Large Targets 70
Table 17 Number of Hostile Targets, by Year 83
Table 18 Frequency of Mood Designations, by Period 85
Table 19 Frequency of Resistance to First Offer Received and First Offer
from Buyer 87
Table 20 Frequency of Bid Resistance and Post Takeover Management
Changes 87
Table 21 Median Performance for Targets in Period of Takeover, by
Mood 89
Table 22 Firm Efficiency Model, Logit Analysis by Mood 92
Table 23 Firm Efficiency Model, Hazard Analysis by Disciplinary
Motive 95
Table 24 Percentage Change In Relative Risk Ratios, by Disciplinary Motive 96
Table 25 Median Performance, Targets of US Operating Companies 107
Table 26 Firm Efficiency Model, Targets of US Operating Companies 109
Table 27 Heterogeneity in Targets of US Operating Companies 111
Table 28 Percentage Change in Relative Risk Ratios, by Disciplinary Motive
(Targets of US Operating Companies) 112
Table 29 Distribution of Sample Firms (Pairs), by Period of Takeover 124
Table 30 Takeover Pairs, by Sector 125
Table 31 Change in Debt, by Period of Takeover 126
Table 32 Ex Ante and Ex Post Performance of Pairs 127
Table 33 Efficiency and Profitability, by Change in Debt and Period 129
Table 34 Takeover Effect, by Industry Relatedness 138
Table 35 Takeover Effect, by Period and Change in Debt (Selected Measures)
140
Table 36 Takeover Effect on Efficiency 141
Table 37 Takeover Effect on Net Profit Return on Assets 142
Table 38 Takeover Effect on Operating Profit Return on Assets 143
Table 39 Takeover Effect on Market to Book 144
xii
Table 40 Takeover Effect on Labor Productivity 145
Table 41 Takeover Effect on Employment 146
Table 42 Takeover Effect on Revenue 147
Table 43 Separation of Size Across Time 177
Table 44 Intra Quartile Size Coefficients by Sub period 179
Table 45 Dummy Variables for Size Quartiles by Sub period 180
Table 46 Size Values Split at Median by Sub period 181
Table 47 Intra percentile Size Coefficients, 1980 1984 182
Table 48 Costs Specification 183
Table 49 Interaction of all Size Terms with Costs 184
Table 50 Proportionality of Sectors in Firm Efficiency Model 186
Table 51 Size Interaction with Sector 3 Positive Costs 188
Table 52 Proportional Effect of Dummy Variables in Firm Efficiency Model
190
Table 53 Time Interaction for Sector 3 Positive Costs in Firm Efficiency Model
191
Table 54 Separation of Share Return Across Time 193
Table 55 Year by year Coefficient on Share Return 195
Table 56 Specification for Share Return Interaction with Size 197
Table 57 Interaction of Size with Market to Book 199
Table 58 Number of Targets by Buyer Type by Year 233
Table 59 Median Target Performance Measures 234
Table 60 Sensitivity Testing for Takeover Effects 258
xiii
LIST OF FIGURES
Figure 1 Annual Hazard Rate 19
Figure 2 Performance Difference Between Median Non target and
Target Firms 22
Figure 3 Iso Risk Curves for 1985 1988 Performance 67
Figure 4 Takeovers Defined as Hostile as a Percent of All Takeovers 84
Figure 5 Iso Risk Curves, by Disciplinary Motive (Selected Periods) 98
Figure 6 Takeovers by US Operating Companies as a Percent of All Takeovers
105
Figure 7 Relative Size of Paired Targets and Buyers 131
Figure 8 Iso Risk Curves, 1985 1988 (Size 1039 and Costs 0) 203
Figure 9 Iso Risk Curves, 1985 1988 (Size 1039 and Costs 0) 205
Figure 10 Takeovers by Buyer Type as a Percent of all Takeovers 234
LIST OF APPENDICES
Appendix 1 A: Summary of Empirical Studies on the Determinants and
Ex Ante Performance of the Targets of Takeovers 151
Appendix 1 B: General Review of Performance Measures 161
Appendix 1 C: Background Tables for Model Building 175
Appendix 2 A: Summary of Empirical Studies on Hetrogeneity in Takeover Targets
207
Appendix 2 B: Selected Results for Other Buyer Types 229
Appendix 3 A: Summary of Empirical Studies on the Effects of Takeovers on Firm
Performance 236
Appendix 3 B: Extended Results on the Takeover Effects 253
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| id | DE-604.BV014486589 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T19:03:02Z |
| institution | BVB |
| isbn | 1402070152 |
| language | English |
| lccn | 2002067464 |
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| owner | DE-12 |
| owner_facet | DE-12 |
| physical | xxx, 277 p. ill. : 25 cm |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | Kluwer Academic Publishers |
| record_format | marc |
| series | The Milken Institute series on financial innovation and economic growth |
| series2 | The Milken Institute series on financial innovation and economic growth |
| spelling | Trimbath, Susanne Verfasser aut Mergers and efficiency changes across time by Susanne Trimbath Boston Kluwer Academic Publishers 2002 xxx, 277 p. ill. : 25 cm txt rdacontent n rdamedia nc rdacarrier The Milken Institute series on financial innovation and economic growth 3 Originally presented as the author's thesis (doctoral)--New York University. - Includes bibliographical references (p. [261]-274) and index Consolidation and merger of corporations Consolidation and merger of corporations Finance Effizienz (DE-588)4013585-8 gnd rswk-swf Takeover (DE-588)4213995-8 gnd rswk-swf Takeover (DE-588)4213995-8 s Effizienz (DE-588)4013585-8 s DE-604 The Milken Institute series on financial innovation and economic growth 3 (DE-604)BV014750263 3 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009879737&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Trimbath, Susanne Mergers and efficiency changes across time The Milken Institute series on financial innovation and economic growth Consolidation and merger of corporations Consolidation and merger of corporations Finance Effizienz (DE-588)4013585-8 gnd Takeover (DE-588)4213995-8 gnd |
| subject_GND | (DE-588)4013585-8 (DE-588)4213995-8 |
| title | Mergers and efficiency changes across time |
| title_auth | Mergers and efficiency changes across time |
| title_exact_search | Mergers and efficiency changes across time |
| title_full | Mergers and efficiency changes across time by Susanne Trimbath |
| title_fullStr | Mergers and efficiency changes across time by Susanne Trimbath |
| title_full_unstemmed | Mergers and efficiency changes across time by Susanne Trimbath |
| title_short | Mergers and efficiency |
| title_sort | mergers and efficiency changes across time |
| title_sub | changes across time |
| topic | Consolidation and merger of corporations Consolidation and merger of corporations Finance Effizienz (DE-588)4013585-8 gnd Takeover (DE-588)4213995-8 gnd |
| topic_facet | Consolidation and merger of corporations Consolidation and merger of corporations Finance Effizienz Takeover |
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