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引文資料
題名:
White Knights, Hostile Takeovers and Shareholders' Interests
書刊名:
臺大管理論叢
作者:
王淑芬
/
黃昭華
作者(外文):
Wang, Sue-fung
/
Huang, Chao-hua
出版日期:
2010
卷期:
21:1
頁次:
頁113-136
主題關鍵詞:
敵意併購
;
白衣武士
;
管理者利益鞏固假說
;
White knight
;
Hostile takeover
;
Managerial entrenchment hypothesis
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
2
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
2
共同引用:0
點閱:37
敵意併購在第4 波的併購風潮相當盛行。目標公司面對敵意併購的威脅必須思考如何來對付。其中引進白衣武士(盟友) 來扮演友善併購者是一種防禦方法之一。然而這種做法是否符合股東利益極大化或是與管理者利益鞏固假說,這是值得探討的議題。本研究以1980 至2007 年間所發生的323 件敵意併購中,依據有無引進白衣武士,並將有引進白衣武士的子樣本中再分成由白衣武士成功併購與原敵意併購者贏得併購等共分三群來研究,結果發現白衣武士的救援事實上無法支持股東利益假說;同時結果也顯示交易條件並沒有顯著有利於目標公司。
以文找文
The unique characteristic of the Fourth Merger Wave plays a significant role in hostile mergers. Firms that become targets of a hostile bid need to resist actively their raiders. For these targeted firms, seeking a friendly bidder or a white knight is an alternative approach to hostile acquirer attacks. However, it is uncertain if this move corresponds to the “shareholder interest hypothesis”or the“management entrenchment hypothesis.”This paper examines these two competing hypotheses by analyzing data gathered from 323 global events of successful hostile takeovers covering the period 1980-2007, the focus of which is on the utilization of white knights against hostile takeovers. The collected sample is divided into three case groups: successful white knights, successful hostile bidders competing with white knights, and successful hostile bidders without white knights. Results show that the managerial entrenchment hypothesis is more appropriate compared with the shareholder interest hypothesis. From a conceptual perspective, this suggests that dealings can benefit target firms. Nevertheless, the results may also be insignificant.
以文找文
期刊論文
1.
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2.
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3.
Travlos, Nickolaos G.(1987)。Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns。The Journal of Finance,42(4),943-963。
4.
Carroll, C.、Griffith, J. M.、Rudolph, P. M.(1999)。Hostile-vs.-White- Knight Bidders。Managerial And Decision Economics,20(3),163-171。
5.
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6.
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7.
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8.
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9.
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10.
Banerjee, A.,、Owers, J. E.(1992)。Wealth reduction in white knight bids。Financial Management,21 (3),48-60。
11.
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12.
Cooke, T. E.、Luther, R. G.、Pearson, B. R.(1998)。The information content of defence documents in UK hostile takeover bids。Journal of Business Finance & Accounting,25(1/2),115-143。
13.
Datta, D. K., Pinches, G. E.,、Narayanan, V. K.(1992)。Factors influencing wealth creation from mergers and acquisitions: A meta-analysis。Strategic Management Journal,13 (1),67-84。
14.
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15.
Holl, P.,、Kyriazis, D.(1997)。Agency, bid resistance and the market for corporate control。Journal of Business Finance & Accounting,24 (8),1037-1066。
16.
Holl, P.,、Kyriazis, D.(1997)。Wealth creation and bid resistance in U.K. takeover bids。Strategic Management Journal,18 (6),483-498。
17.
Jarrell, G. A.,、Poulsen, A. B.(1987)。Shark repellents and stock prices: The effects of antitakeover amendments since 1980。Journal of Financial Economics,19 (1),127-168。
18.
Knoeber, C. R.(1986)。Golden parachutes, shark repellents, and hostile tender offers。The American Economic Review,76 (1),155-167。
19.
Lefanowicz, C. E.,、Robinson, J. R.(2000)。Multiple bids, management opposition, and the market for corporate control。Financial Review,35 (4),109-122。
20.
Maheswaran, K.,、Pinder, S.(2005)。Australian evidence on the determinants and impact of takeover resistance。Accounting and Finance,45 (4),613-633。
21.
Moeller, T.(2005)。Let's make a deal! How shareholder control impacts merger payoffs。Journal of Financial Economics,76,167-190。
22.
Moeller, S. B.,、Schlingemann, F. P.(2005)。Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions。Journal of Banking & Finance,29 (3),533-564。
23.
Niden, C. M.(1993)。An empirical examination of white knight corporate takeovers: Synergy and overbidding。Financial Management,22(4),28-43。
24.
Porrini, P.(2006)。Are investment bankers good for acquisition premiums?。Journal of Business Research,59 (1):,90-99。
25.
Rose, C.(2005)。Takeover defenses' influence on managerial incentives。International Review of Law and Economics,25 (4),556-577。
26.
Schoenberg, R.,、Thornton, D.(2006)。The impact of bid defences in hostile acquisitions。European Management Journal,24 (3),142-150。
27.
Shelton, L. M.(1988)。Strategic business fit and corporate acquisitions。Strategic Management Journal,9 (3),279-287。
28.
Smiley, R. H.,、Stewart, S. D.(1985)。White knights and takeover bids。Financial Analysis Journal,4 (1),87-104。
29.
Wright, M.(1997)。Discussion of agency, bid resistance and the market for corporate control。Journal of Business Finance & Accounting,24 (8),306-686。
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