Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s

By Bengt R. Holmstrom, Steven N. Kaplan. 2001

645 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/d8adc196ad95b5c3281f7a2bb60212cf78fd83b1

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Citations in the corpus

Valuation waves and merger activity: The empirical evidence ☆ (2005, neutral): “It adds to a large empirical literature that examines trends in merger and acquisition activity (see Holmstrom and Kaplan, 2001 and Andrade, Mitchell, and Stafford, 2001 for recent surveys).”
Deviation from the Target Capital Structure and Acquisition Choices (2011, neutral): “Furthermore, previous studies on takeovers, including Andrade et al. (2001) and Holmstrom and Kaplan (2001), show fundamental 9 The results are qualitatively the same for focus industry definition based on SIC. changes in acquirer returns over years.”
Power inside the firm and the market: A general equilibrium approach (2002, neutral): “2For a description of recent trends in corporate organization see Holmstrom and Kaplan (2001).”
Target’s earnings quality and bidders’ takeover decisions (2013, neutral): “Consistent with the overall pattern of takeover activity reported in the literature (see, e.g., Holmstrom and Kaplan 2001), many takeover events occurred in the mid-1980s and the mid-1990s, although none of the years by itself accounts for more than 7 % of the full sample (Panel C of Table 1).”
The Response of Corporate Financing and Investment to Changes in the Supply of Credit (2010, neutral): “Evident from the figure is the rapid increase in the rate of issuance beginning in 1983 and the subsequent plateau in 1986, a time when much of the issuing activity was directed at acquisitions (Holmstrom and Kaplan (2001)).”
One Share - One Vote: The Theory (2007, background): “…are several reviews of the takeover literature, including Andrade et al. (2001), Bhagat et al. (1990), Becht et al. (2003), Bruner (2002), Burkart and Panunzi (2006), Holmström and Kaplan (2001), Hirshleifer (1995), Jensen (1988), McCahery et al. (2004), Scherer (1988) and von Thadden (1990).”
Do Private Equity-owned Firms Have Better Management Practices? (2015, background): “9 See http://www.youtube.com/watch?v=HgJXt8KwhA8 for video footage of the survey team.”
European Takeover Regulation (2003, positive): “Court challenges have also become an important defensive weapon in takeover bids, and hostile takeover activity dropped substantially in the US during the 1990s (Holmström and Kaplan, 2001).”
Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs (2007, result): “Although not reported in the table, consistent with previous studies such as Holmstrom and Kaplan (2001), most acquisitions during our study period are friendly (239 cases) and paid entirely with the acquirer stock (216 cases).”
Do Stock Mergers Create Value for Acquirers (2009, background): “Many transactions involved equity as the mode of payment (Andrade, Mitchell, and Stafford (2001), Holmstrom and Kaplan (2001)), and this equity was usually very richly valued by historical standards.”
Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation (2007, background): “Holmstrom and Kaplan (2001) argue that the 1980- style deals are not necessary anymore, because the focus on shareholder value has been institutionalized by corporations since.”