Corporate Takeovers, Strategic Objectives, and Acquiring-Firm Shareholder Wealth

By M. Mark Walker. 2000

221 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/8486f65bc361968afb9ed5be4db4b307e56e6a6e

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Citations in the corpus

Does M&A Pay? A Survey of Evidence for the Decision-Maker (2004, background): “11 See studies by Rumelt (1974), Comment and Jarrell (1995), Healy, Palepu and Ruback (1992 and 1997), Macquieria, Megginson, and Nail (1998), Meeks (1977), Wansley et alia (1983), Megginson, Morgan and Nail (2000), Singh and Montgomery (1987) and Walker (2000).”
A century of corporate takeovers: What have we learned and where do we stand? (2008, unknown): “…-4.79c +6.14b +3.28 +8.58a Chang (1998), US 1981-92 MM (-1, 0) 101 154 131 150 Pub-Cash Pub-Stock Priv-Cash Priv-Stock -0.02 -2.46a +0.09 +2.64a Walker (2000), US 1980-96 MAM (-2, +2) 230 48 M TO -1.3b +0.51 Graham, Lemmon and Wolf (2002), US 1980-95 MM (-1, +1) 356 All MA +22.51a -0.78a…”
Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis (2009, background): “For example, significant negative short run returns to acquirers have been found by Servaes (1991), Kaplan and Weisbach (1992), Walker (2000) and Houston, James, and Ryngaert (2001).”
The impact of acquisitions on firm performance: A review of the evidence (2007, unknown): “Walker (2000) 1980–1996 278 acquisitions, 230 mergers, 48 tender offers US − 2 to + 2 days • Negative market adjusted abnormal returns of − 0.84% (significant).”
The Determinants of Positive Long-Term Performance in Strategic Mergers: Corporate Focus and Cash (2004, unknown): “Varying results regarding the value 7 This matching principle is based on Kahle and Walkling (1996) and Walker (2000), who demonstrate that industry-matching of control firms surpasses pure size-matching for performance analysis.”
Gains from Mergers and Acquisitions Around the World: New Evidence (2010, unknown): “…covering the U.K. and U.S. markets, document that transactions conducted solely with cash are at least non-value destructive, while acquirers offering equity to finance acquisitions suffer extensive losses (Travlos, 1987 and Walker, 2000, for the U.S. and Draper and Paudyal, 2006 for the U.K.).”
What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies (2003, unknown): “In particular, large sample evidence of stock price performance of acquiring firms can be found in Jarrell and Poulsen (1989), Loderer and Martin (1992), Choi (1993), Walker (2000), and Hou, Olsson, and Robinson (2002).”
Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators (2004, methodology): “…1995; Lubatkin, 1987), whether or not the acquisition was of a related ﬁrm (e.g., Hayward and Hambrick, 1997; Lubatkin, Srinivasan, and Merchant, 1997; Walker, 2000; Wansley, Lane, and Yang, 1983), the method of payment (i.e., cash or equity) used for the acquisition (e.g., Franks, Harris, and…”
Sociocultural Integration in Mergers and Acquisitions: Unresolved Paradoxes and Directions for Future Research (2013, methodology): “…common measures of performance are short-term financial performance using a window event study method (Campa & Hernando, 2004; Smith & Kim, 1994; Walker, 2000), long-term accounting measures, and long-term financial performance using a window event study method (Agrawal, Jaffe, & Mandelker,…”
The danger of misinterpreting short-window event study findings in strategic management research: an empirical illustration using horizontal acquisitions (2008, background): “The relative size of the two firms has been found to have an impact on acquisition-related returns (Asquith et al., 1983; Shelton, 1988; Walker, 2000).”
Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms (2017, result): “…view, indicating that U.S. acquiring firms earn significant negative abnormal returns over the six months before and the twelve months after the merger date, which are similar to those reported in more recent studies (Mitchell & Stafford, 2000; Sudarsanam, Holl, & Salami, 1996; Walker, 2000).”