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Mergers and Acquisitions

Edited by: J. Harold Mulherin

ISBN13: 9781781951583
Published: November 2012
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £337.00



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This significant collection of articles comprises seminal works in recent empirical research on mergers and acquisitions. The papers provide a detailed analysis of fundamental questions such as the sources of gains in mergers and acquisitions, the role of activists in the takeover process, the existence of merger waves, the relevance of auction models in corporate takeovers and the measurement of bidder returns. This volume, with an original introduction by the editor, is an indispensible tool to scholars in finance, economics and industrial organization as well as policymakers in securities regulation, corporate law and antitrust.

Subjects:
Mergers and Acquisitions
Contents:
Introduction J. Harold Mulherin
PART I SOURCES OF GAINS FROM MERGERS
1. Erik Devos, Palani-Rajan Kadapakkam and Srinivasan Krishnamurthy (2009), ‘How Do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies’
2. C. Edward Fee and Shawn Thomas (2004), ‘Sources of Gains in Horizontal Mergers: Evidence from Customer, Supplier, and Rival Firms’
3. Isil Erel (2011), ‘The Effect of Bank Mergers on Loan Prices: Evidence from the United States’
4. David A. Becher, J. Harold Mulherin and Ralph A. Walkling (2012), ‘Sources of Gains in Corporate Mergers: Refined Tests from a Neglected Industry’
5. Vojislav Maksimovic, Gordon Phillips and N.R. Prabhala (2011), ‘Post-Merger Restructuring and the Boundaries of the Firm’
6. Gerard Hoberg and Gordon Phillips (2010), ‘Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis’
PART II TAKEOVERS AND MANAGERIAL DISCIPLINE
7. Kenneth M. Lehn and Mengxin Zhao (2006), ‘CEO Turnover after Acquisitions: Are Bad Bidders Fired?’
8. Robin Greenwood and Michael Schor (2009), ‘Investor Activism and Takeovers’
9. Michael Bradley, Alon Brav, Itay Goldstein and Wei Jiang (2010), ‘Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds’
10. Audra L. Boone and J. Harold Mulherin (2007), ‘Do Termination Provisions Truncate the Takeover Bidding Process?’
PART III MERGER WAVES
11. Jarrad Harford (2005), ‘What Drives Merger Waves?’
12. Matthew Rhodes-Kropf, David T. Robinson and S. Vishwanathan (2005), ‘Valuation Waves and Merger Activity: The Empirical Evidence’
13. Jon A. Garfinkel and Kristine Watson Hankins (2011), ‘The Role of Risk Management in Mergers and Merger Waves’
14. Mark L. Mitchell and Erik Stafford (2000), ‘Managerial Decisions and Long-Term Stock Price Performance’
15. Jeffry Netter, Mike Stegemoller and M. Babajide Wintoki (2011), ‘Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009’
PART IV TAKEOVERS AS AUCTIONS
16. Paul Povel and Rajdeep Singh (2006), ‘Takeover Contests with Asymmetric Bidders’
17. Audra L. Boone and J. Harold Mulherin (2007), ‘How Are Firms Sold?’
18. Nihat Atkas, Eric de Bodt and Richard Roll (2010), ‘Negotiations Under the Threat of an Auction’
19. Michael Ryngaert and Ralph Scholten (2010), ‘Have Changing Takeover Defense Rules and Strategies Entrenched Management and Damaged Shareholders? The Case of Defeated Takeover Bids’
PART V MEASURING BIDDER RETURNS
20. Sara B. Moeller, Frederik P. Schlingemann and Rene M. Stulz (2005), ‘Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave’
21. Audrea L. Boone and J. Harold Mulherin (2008), ‘Do Auctions Induce a Winner’s Curse? New Evidence from the Corporate Takeover Market’
22. Mark Mitchell, Todd Pulvino and Erik Stafford (2004), ‘Price Pressure around Mergers’
23. Jie Cai, Moon H. Song and Ralph A. Walkling (2011), ‘Anticipation, Acquisitions and Bidder Returns: Industry Shocks and the Transfer of Information Across Rivals’
24. David A. Becher (2009), ‘Bidder Returns and Merger Anticipation: Evidence from Banking Deregulation’