Corporate takeovers: modern empirical developments 1 Takeover activity, valuation estimates, and sources of merger gains
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Amsterdam [u.a.]
Elsevier
2010
Academic Press 2010 |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | LVII, 804 S. |
| ISBN: | 9780123819833 |
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| adam_text | Titel: Bd. 1. Corporate takeovers. Takeover activity, valuation estimates, and sources of merger gains
Autor:
Jahr: 2010
CONTENTS OF VOLUME 1
Foreword v
Contents of Volumes vii
Introduction To Corporate Takeovers: Modern Empirical Developments xxiii
PART 1: LITERATURE REVIEW AND EMPIRICAL UPDATES 1
Chapter 1
Corporate takeovers 3
SANDRA BETTON, B. ESPEN ECKBO, and KARIN S. THORBURN
Abstract 5
Keywords 5
1. Introduction 6
2. Takeover activity 9
3. Bidding strategies 29
4. Takeover gains 69
5. Bondholders, executives, and arbitrageurs 88
6. Takeovers, competition, and antitrust 98
7. Summary and conclusions 111
References 124
PART 2: ECONOMETRICS OF VOLUNTARY
CORPORATE EVENTS 139
Chapter 2
Econometrics of event studies 141
S.P. KOTHARI and JEROLD B. WARNER
Abstract 142
Keywords 142
1. Introduction and background 143
2. The event study literature: basic facts 144
3. Characterizing event study methods 147
4. Long-horizon event studies 158
References 170
Chapter 3
Self-selection models in corporate finance 175
KAI LI and NAGPURNANAND R. PRABHALA
Abstract 176
Keywords 177
1. Introduction 178
2. Modeling self-selection 179
3. Empirical applications 196
4. Conclusions 221
References 221
PART 3: MERGER WAVES: WHAT DRIVES AGGREGATE
TAKEOVER ACTIVITY? 225
Chapter 4
Investigating the economic role of mergers 227
GREGOR ANDRADE and ERIK STAFFORD
Abstract 228
Keywords 228
1. Introduction 229
2. Data sources and sample description 231
3. Mergers and nonmerger investment at the industry level 233
4. Mergers and nonmerger investment at the firm level 246
5. Conclusion 259
Appendix A: Procedure for creating industries 260
Appendix B: Procedure for assigning industries to merger targets 263
Appendix C: Compustat data items 266
References 266
Chapter 5
Valuation waves and merger activity: the empirical evidence 269
MATTHEW RHODES-KROPF, DAVID T. ROBINSON,
and S. VISWANATHAN
Abstract 270
Keywords 270
1. Introduction 271
2. Theoretical background and testable implications 274
3. Data and trends in merger activity 276
4. Decomposing market to book 280
5. Estimating market value 282
6. Tests and findings 290
7. A horse race between competing theories of merger activity 305
8. Summary and conclusions 311
References 312
Chapter 6
What drives merger waves? 315
JARRAD HARFORD
Abstract 316
Keywords 316
1. Introduction 317
2. Literature review and hypothesis development 319
3. Data and merger wave identification 323
4. Results 324
5. Conclusion 346
References 346
PART 4: WHAT DETERMINES THE SIZE AND DIVISION
OF TAKEOVER GAINS? 349
Chapter 7
Firm size and the gains from acquisitions 351
SARA B. MOELLER, FREDERIK P. SCHLINGEMANN,
and RENE M. STULZ
Abstract 352
Keywords 352
1. Introduction 353
2. Announcement returns for successful acquisitions 356
3. Is the size effect explained by firm and deal characteristics? 359
4. Why do large firms have lower announcement abnormal returns
than small firms? 368
5. Conclusion 376
References 376
Chapter 8
Why do private acquirers pay so little compared to public acquirers? 379
LEONCE L. BARGERON, FREDERIK P. SCHLINGEMANN,
CHAD J. ZUTTER, and RENE M. STULZ
Abstract 380
Keywords 380
1. Introduction 381
2. The sample of acquisitions 384
3. Gains to target shareholders for public bidders and private bidders 386
4. Can target characteristics explain the difference in premiums? 390
5. Bidder characteristics and the gains to target shareholders for
public bidders and private bidders 399
6. Can the incentives of target managers explain the return difference? 403
7. Conclusion 407
References 408
Chapter 9
The underpricing of private targets 409
JOHN W. COONEY, THOMAS MOELLER, and MIKE STEGEMOLLER
Abstract 410
Keywords 410
1. Introduction 411
2. Data description 414
3. Results 419
4. Robustness and alternative explanations 429
5. Evidence from venture capital valuations 432
6. Conclusion 432
Appendix A: Calculation of the IPO valuation and acquisition price
for NOMOS Corporation 435
Appendix B: List of acquisitions of withdrawn IPOs 437
References 438
Chapter 10
Gains in bank mergers: evidence from the bond markets 441
MARIA FABIANA PENAS and HALUK UNAL
Abstract 442
Keywords 442
1. Introduction 443
2. Analysis of bondholder returns 444
3. Analysis of changes in credit spreads of the acquiring banks 457
4. Conclusion 464
Appendix A: Sample merger cases 465
Appendix B: Number, average rating, and average credit spread of the
bond issues by the acquiring bank and the combined bank 469
Appendix C: Banks in each size category 471
References 472
Chapter 11
Do tender offers create value? new methods and evidence 475
SANJAI BHAGAT, MING DONG, DAVID HIRSHLEIFER,
and ROBERT NOAH
Abstract 476
Keywords 477
1. Introduction 478
2. Measurement of takeover value improvement 481
3. Data 491
4. Estimates of value improvements 499
5. Summary and conclusions 526
Appendix A: Numerical illustration of the probability scaling
and intervention methods 527
Appendix B: Robustness of IM results with respect to alternative
parameter estimates 530
References 532
PART 5: WHERE DO MERGER GAINS COME FROM?
INDUSTRY WEALTH EFFECTS OF TAKEOVERS 535
Chapter 12
Horizontal mergers, collusion, and stockholder wealth 537
B. ESPEN ECKBO
Abstract 538
Keywords 538
1. Introduction 539
2. Testable implications of the collusion hypothesis 540
3. Data sources and sample design 543
4. Empirical results 547
5. Summary and conclusions 562
References 563
Chapter 13
Sources of gains in horizontal mergers: evidence from customer,
supplier, and rival firms 565
C. EDWARD FEE and SHAWN THOMAS
Abstract 566
Keywords 566
1. Introduction 567
2. Hypothesis development and related literature 569
3. Data 576
4. Empirical results 583
5. Conclusion 600
References 601
Chapter 14
Industry structure and horizontal takeovers: analysis of wealth
effects on rivals, suppliers, and corporate customers 605
HUSAYN SHAHRUR
Abstract 606
Keywords 606
1. Introduction 607
2. Hypotheses development and related literature 609
3. Data sources, takeover sample, suppliers, and corporate customers 613
4. Methodology and results 619
5. Cross-sectional analysis 629
6. Conclusion 640
References 641
Chapter 15
Abnormal returns to rivals of acquisition targets: a test of the
acquisition probability hypothesis 645
MOON H. SONG and RALPH A. WALKLING
Abstract 646
Keywords 646
1. Introduction 647
2. Background and hypotheses 648
3. Data and methodology 650
4. Abnormal returns to portfolios of rivals and the probability of acquisition 654
5. Explaining the cross section of returns to individual rivals 662
6. Summary and conclusions 669
References 670
Chapter 16
Where do merger gains come from? bank mergers from the perspective
of insiders and outsiders 673
JOEL F. HOUSTON, CHRISTOPHER M. JAMES,
and MICHAEL D. RYNGAERT
Abstract 674
Keywords 674
1. Introduction 675
2. Finding value enhancing mergers in banking: review of previous literature 677
3. Sample and experimental design 681
4. Empirical results 685
5. Summary and conclusion 713
Appendix 714
References 715
PART 6: OTHER RESTRUCTURING ACTIVITY: BREAKUPS
AND HIGHLY LEVERAGED TRANSACTIONS 717
Chapter 17
Corporate restructuring: breakups and lbos 719
B. ESPEN ECKBO and KARIN S. THORBURN
Abstract 721
Keywords 721
1. Introduction 722
2. Restructurings and the boundaries of the firm 723
3. Divestitures 727
4. Spinoffs 735
5. Equity carveouts 744
6. Tracking stocks 750
7. Leveraged recapitalizations 752
8. Leveraged buyouts (LBO) 757
9. Conclusions 774
References 776
Author Index 787
Subject Index 795
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| spelling | Eckbo, B. Espen 1952- Verfasser (DE-588)128432403 aut Corporate takeovers modern empirical developments 1 Takeover activity, valuation estimates, and sources of merger gains ed. by B. Espen Eckbo Amsterdam [u.a.] Elsevier 2010 Academic Press 2010 LVII, 804 S. txt rdacontent n rdamedia nc rdacarrier (DE-604)BV039564711 1 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024416325&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Eckbo, B. Espen 1952- Corporate takeovers modern empirical developments |
| title | Corporate takeovers modern empirical developments |
| title_auth | Corporate takeovers modern empirical developments |
| title_exact_search | Corporate takeovers modern empirical developments |
| title_full | Corporate takeovers modern empirical developments 1 Takeover activity, valuation estimates, and sources of merger gains ed. by B. Espen Eckbo |
| title_fullStr | Corporate takeovers modern empirical developments 1 Takeover activity, valuation estimates, and sources of merger gains ed. by B. Espen Eckbo |
| title_full_unstemmed | Corporate takeovers modern empirical developments 1 Takeover activity, valuation estimates, and sources of merger gains ed. by B. Espen Eckbo |
| title_short | Corporate takeovers |
| title_sort | corporate takeovers modern empirical developments takeover activity valuation estimates and sources of merger gains |
| title_sub | modern empirical developments |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024416325&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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