Comparing Acquisitions and Divestitures

By J. Mulherin, Audra L. Boone. 2000

760 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/d44474e34770b60ba6e7c70d5bb96a98c31737cc

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

In Strategy and Management

Citations in the corpus

New Evidence and Perspectives on Mergers (2001, background): “See Nelson (1959) for evidence on the first half of the twentieth century, and Gort (1969) for the 1950s.”
The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms (2013, background): “Large deals may also take longer than expected, which could result in negative market reactions (Mulherin & Boone, 2000).”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, neutral): “We use the combined industry portfolio as a benchmark because there is ample evidence suggesting that merger waves are strongly clustered by industry (e.g., Mitchell and Mulherin, 1996; Mulherin and Boone, 2000; Andrade, Mitchell, and Stafford, 2001; Harford, 2005).”
Mergers and Acquisitions in Europe (2006, neutral): “About half of the studies report small negative announcement returns for the acquirers (see e.g. Andrade et al. 2001, Mulherin and Boone 2000, Franks et al. 1991, Healy et al. 1992), whereas the other half finds zero or small positive announcement abnormal returns (see e.g. Moeller and Schlingemann…”
Adverse Selection in Acquisitions of Small Manufacturing Firms: A Comparison of Private and Public Targets (2005, background): “Research also concludes that smaller firms have a higher likelihood of becoming takeover targets than larger firms (e.g., Levin & Aaronovitch, 1981; Palepu, 1986; Mulherin & Boone, 2000), yet relatively little systematic research has been devoted to the study of the acquisition of small businesses.”
What drives merger waves (2005, background): “Rau and Vermaelen (1998) find that low book-to-market ‘‘glamour’’ firms underperform following acquisitions and Loughran and Vijh (1997) find that firms that use stock as the method of payment experience long-run underperformance.”
Incentive Compensation for Bank Directors: The Impact of Deregulation (2005, neutral): “In fact, Mulherin and Boone (2000) document that the banking sector leads all others in terms of merger frequency in the 1990s.”
The choice among acquisitions, alliances, and divestitures (2005, background): “Mulherin and Boone (2000) compare the industry patterns and wealth effects of acquisitions and divestitures.”
Valuation waves and merger activity: The empirical evidence ☆ (2005, neutral): “This assumption can be motivated in terms of markup pricing or in terms of the potential for competitive entry or technological change to force expectations of future profitability to be multiples of discount rates.”