The Long-term Performance of Conglomerate and Non-conglomerate Acquirers__臺灣人文及社會科學引文索引資料庫

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
外文摘要
引文資料

題名：	The Long-term Performance of Conglomerate and Non-conglomerate Acquirers
書刊名：	財務金融學刊
作者：	徐俊明／胡慈容／楊維如
作者(外文)：	Hsu, Junming／Hu, Tzu-jung／Young, Weijiu
出版日期：	2009
卷期：	17:2
頁次：	頁163-196
主題關鍵詞：	混合性購併；多角化；付款方式；傲慢；Conglomerate mergers and acquisitions；Diversification；Hubris；Means of payments
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:26

This study investigates the long-run performance of 392 US cases of mergers and acquisitions (M&As). We define a conglomerate (non-conglomerate) M&A when the acquirer and target have different (the same) 2-digit SIC codes. Using Berger and Ofek's (1995) and Lamont and Polk's (2002) measures, we find that conglomerate acquirers are prone to underperform after M&As while non-conglomerate acquirers perform about the same as they did. These results are consistent with the argument that diversification mitigates the firm value. We also find that conglomerate and non-conglomerate acquirers' performance are associated with different M&A characteristics. Conglomerate acquirers' underperformance can be explained by managers' "hubris." On the other hand, non-conglomerate acquirers who paid cash tend to perform well after M&As, while those who buy high earnings-yield targets tend to perform poorly.

以文找文

期刊論文
1.	Matsusaka, John(2001)。Corporate Diversification, Value Maximization and Organizational Capabilities。Journal of Business，74(3)，409-431。
2.	Roll, R.(1986)。The Hubris Hypothesis of Corporate Takeover。Journal of Business，59(2)，197-216。
3.	Fan, Joseph P. H.、Goyal, Vidhan K.(2006)。On the Patterns and Wealth Effects of Vertical Mergers。Journal of Business，79(2)，877-902。
4.	Fan, J. P. H.、Lang, L. H. P.(2000)。The Measurement of Relatedness: An Application to Corporate Diversification。Journal of Business，73(4)，629-660。
5.	Martin, John D.、Sayrak, Akin(2003)。Corporate diversification and shareholder value: A survey of recent literature。Journal of Corporate Finance，9(1)，37-57。
6.	Matsusaka, J. G.(1993)。Takeover motives during the conglomerate merger wave。The RAND Journal of Economics，24(3)，357-379。
7.	Servaes, H.(1996)。The value of diversification during the conglomerate merger wave。Journal of Finance，51(4)，1201-1225。
8.	Whited, Toni M.(2001)。Is it inefficient investment that causes the diversification discount?。Journal of Finance，56(5)，1667-1691。
9.	Rau, P. R.、Vermaelen, T.(1998)。Glamour, value and the post-acquisition performance of acquiring firms。Journal of Financial Economics，49(1)，223-253。
10.	Comment, Robert、Jarrell, Gregg A.(1995)。Corporate focus and stock returns。Journal of Financial Economics，37(1)，67-87。
11.	Loderer, Claudio F.、Martin, Kenneth J.(1992)。Post-acquisition Performance of Acquiring Firms。Financial Management，21(3)，69-79。
12.	Bolten, P.、Scharfstein, D. S.(1990)。A Theory of Predation Based on Agency Problems in Financial Contracting。The American Economic Review，80(1)，93-106。
13.	Agrawal, Anup、Jaffe, Jeffery F.、Mandelker, Gershon N.(1992)。The Post-merger Performance of Acquiring Firms: A Reexamination of an Anomaly。Journal of Finance，47(4)，1605-1621。
14.	Healy, Paul M.、Palepu, Krishna G.、Ruback, Richard S.(1992)。Does Corporate Performance Improve after Mergers?。Journal of Financial Economics，31(2)，135-175。
15.	Shleifer, A.、Vishny, R.(1989)。Management entrenchment: the case of managerial investment。Journal of financial economics，25(1)，123-139。
16.	Franks, Julian、Harris, Robert、Titman, Sheridan(1991)。The Postmerger Share-Price Performance of Acquiring Firms。Journal of Financial Economics，29(1)，81-96。
17.	Asquith, Paul、Bruner, Robert F.、Mullins, David W. Jr.(1983)。The gains to bidding firms from merger。Journal of Financial Economics，11(1-4)，121-139。
18.	Ghosh, Aloke(2001)。Does operating performance really improve following Corporate acquisitions?。The Journal of Corporate Finance，7(2)，151-178。
19.	Hansen, Robert G.(1987)。A theory for the choice of exchange medium in mergers and acquisitions。Journal of Business，60(1)，75-95。
20.	Loughran, Tim、Vijh, Anand M.(1997)。Do Long-term Shareholders Benefit from Corporate Acquisitions?。Journal of Finance，52(5)，1765-1790。
21.	Mitchell, Mark L.、Stafford, Erik(2000)。Managerial Decisions and Long-Term Stock Price Performance。Journal of Business，73(3)，287-329。
22.	Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics，37(1)，39-65。
23.	Denis, David J.、Denis, Diane K.、Sarin, Atulya(1997)。Agency Problems, Equity Ownership, and Corporate Diversification。The Journal of Finance，52(1)，135-160。
24.	Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1990)。Do Managerial Objectives Drive Bad Acquisitions?。Journal of Finance，45(1)，31-48。
25.	Khanna, Tarun、Palepu, Krishna(2000)。Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups。The Journal of Finance，55(2)，867-891。
26.	White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。
27.	Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。
28.	Scharfstein, David S.、Stein, Jeremy C.(2000)。The dark side of internal capital markets: Divisional rent-seeking and inefficient investment。Journal of Finance，55(6)，2537-2564。
29.	Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy，102(6)，1248-1280。
30.	Amihud, Yakov、Lev, Baruch(1981)。Risk Reduction as a Managerial Motive for Conglomerate Mergers。Bell Journal of Economics，12(2)，605-617。
31.	Lakonishok, Josef、Shleifer, Andrei、Vishny, Robert W.(1994)。Contrarian Investment, Extrapolation, and Risk。Journal of Finance，49(5)，1541-1578。
32.	Andre, Paul、Kooli, Mather、L'Her, Jean-Francois。The Long-run Performance of Mergers and Acquisitions: Evidence from the Canadian Stock Market。Financial Management，33，27-43。
33.	Anslinger, Patricia L.、Copeland, Thomas E.。Growth through Acquisitions: A Fresh Look。Harvard Business Review，74，126-135。
34.	Baker, George P.。Beatrice: A Study in the Creation and Destruction of Value。Journal of Finance，47(3)，1081-1119。
35.	Campa, Jose M.、Kedia, Simi。Explaining the Diversification Discount。Journal of Finance，57，1731-1762。
36.	Fluck, Zsusanna、Lynch, Anthony。Why do Firms Merge and then Divest? A Theory of Financial Synergies。Journal of Business，72，319-346。
37.	Graham, John R.、Lemmon, Michael L.、Wolf, Jack。Does Corporate Diversification Destroy Value?。corporate diversification destroy value?，57，695-720。
38.	Hubbard, R. Glenn、Palia, Darius。A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Market View。Journal of Finance，54，1131-1152。
39.	Hyland, David C.、Diltz, J. David。Why Firms Diversify: An Empirical Examination。Financial Management，31，51-81。
40.	Lamont, Owen A.、Polk, Christopher。Does Diversification Destroy Value? Evidence from the Industry Shocks。Journal of Financial Economics，63，51-77。
41.	Langetieg, Terence C.。An Application of a Three-factor Performance Index to Measure Stockholder Gains Form Merger。Journal of Financial Economics，6，365-384。
42.	Maksimovic, Vojislav、Phillips, Gordon。Do Conglomerate Firms Allocate Resources Inefficiently Across Industries?。Journal of Finance，57，721-767。
43.	Maquieira, Carlos P.、Megginson, William L.、Nail, Lance A.。Wealth Creation Versus Wealth Redistributions in Pure Stock-for-stock Mergers。Journal of Financial Economics，48，3-33。
44.	Rajan, Raghuram G.、Servaes, Henri、Zingales, Luigi。The Cost of Diversity: The Diversification Discount and Inefficient Investment。Journal of Finance，55，35-80。
45.	Shleifer, Andrei、Vishny, Robert M.(2003)。Stock Market Driven Acquisition。Journal of Financial Economics，70，295-311。

研究報告
1.	Chevalier, Judith A.。What do We Know about Cross-subsidization? Evidence from the Investment Policies of Merging Firms。
2.	Megginson, William L.、Morgan, Angela、Nail, Lance A.。Changes in Corporate Focus, Ownership Structure, and Long-run Merger Returns。

圖書
1.	Brealey, Richard A.、Myers, Stewart C.。Principles of Corporate Finance。Principles of Corporate Finance。New York, NY。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	臺灣上市櫃公司併購前之公司特徵對併購後績效影響：以主併公司為例

無相關博士論文

無相關書籍

無相關著作

無相關點閱

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫