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Earnings management and the market performance of acquiring firms

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  • Louis, Henock
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    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 74 (2004)
    Issue (Month): 1 (October)
    Pages: 121-148

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    Handle: RePEc:eee:jfinec:v:74:y:2004:i:1:p:121-148

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    Web page: http://www.elsevier.com/locate/inca/505576

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    1. Shleifer, Andrei & Vishny, Robert W., 2003. "Stock market driven acquisitions," Journal of Financial Economics, Elsevier, Elsevier, vol. 70(3), pages 295-311, December.
    2. John, Kose & Ofek, Eli, 1995. "Asset sales and increase in focus," Journal of Financial Economics, Elsevier, Elsevier, vol. 37(1), pages 105-126, January.
    3. Scanlon, Kevin P & Trifts, Jack W & Pettway, Richard H, 1989. "Impacts of Relative Size and Industrial Relatedness on Returns to Shareholders of Acquiring Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(2), pages 103-12, Summer.
    4. Lang, Larry H. P. & Stulz, ReneM. & Walkling, Ralph A., 1989. "Managerial performance, Tobin's Q, and the gains from successful tender offers," Journal of Financial Economics, Elsevier, Elsevier, vol. 24(1), pages 137-154, September.
    5. Larry H.P. Lang & Rene M. Stulz, 1993. "Tobin's Q, Corporate Diversification and Firm Performance," NBER Working Papers 4376, National Bureau of Economic Research, Inc.
    6. O'brien, Patricia C., 1988. "Analysts' forecasts as earnings expectations," Journal of Accounting and Economics, Elsevier, vol. 10(1), pages 53-83, January.
    7. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, vol. 52(1), pages 135-60, March.
    8. R. Glenn Hubbard & Darius Palia, 1995. "Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms," NBER Working Papers 5079, National Bureau of Economic Research, Inc.
    9. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    10. Schwert, G.W., 1994. "Mark-up Pricing in Mergers and Acquisitions," Papers, Rochester, Business - Financial Research and Policy Studies 95-01, Rochester, Business - Financial Research and Policy Studies.
    11. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, Elsevier, vol. 37(1), pages 39-65, January.
    12. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, Elsevier, vol. 37(1), pages 67-87, January.
    13. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1989. "Do Managerial Objectives Drive Bad Acquisitions?," NBER Working Papers 3000, National Bureau of Economic Research, Inc.
    14. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, Elsevier, vol. 40(2), pages 185-211, February.
    15. Raghavendra Rau, P. & Vermaelen, Theo, 1998. "Glamour, value and the post-acquisition performance of acquiring firms," Journal of Financial Economics, Elsevier, Elsevier, vol. 49(2), pages 223-253, August.
    16. Asquith, Paul, 1983. "Merger bids, uncertainty, and stockholder returns," Journal of Financial Economics, Elsevier, Elsevier, vol. 11(1-4), pages 51-83, April.
    17. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, Econometric Society, vol. 47(1), pages 153-61, January.
    18. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    19. Scott, James H, Jr, 1977. "On the Theory of Conglomerate Mergers," Journal of Finance, American Finance Association, vol. 32(4), pages 1235-50, September.
    20. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, Elsevier, vol. 43(3), pages 341-372, March.
    21. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    22. Langetieg, Terence C., 1978. "An application of a three-factor performance index to measure stockholder gains from merger," Journal of Financial Economics, Elsevier, Elsevier, vol. 6(4), pages 365-383, December.
    23. Servaes, Henri, 1991. " Tobin's Q and the Gains from Takeovers," Journal of Finance, American Finance Association, vol. 46(1), pages 409-19, March.
    24. Kothari, S.P. & Leone, Andrew J. & Wasley, Charles E., 2005. "Performance matched discretionary accrual measures," Journal of Accounting and Economics, Elsevier, vol. 39(1), pages 163-197, February.
    25. Byrd, John W. & Hickman, Kent A., 1992. "Do outside directors monitor managers? *1: Evidence from tender offer bids," Journal of Financial Economics, Elsevier, Elsevier, vol. 32(2), pages 195-221, October.
    26. Henock Louis, 2004. "The Cost of Using Bank Mergers as Defensive Mechanisms against Takeover Threats," The Journal of Business, University of Chicago Press, vol. 77(2), pages 295-310, April.
    27. Kothari, S. P. & Warner, Jerold B., 1997. "Measuring long-horizon security price performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 43(3), pages 301-339, March.
    28. Healy, Paul M., 1985. "The effect of bonus schemes on accounting decisions," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 85-107, April.
    29. Erickson, Merle & Wang, Shiing-wu, 1999. "Earnings management by acquiring firms in stock for stock mergers," Journal of Accounting and Economics, Elsevier, vol. 27(2), pages 149-176, April.
    30. Mueller, Dennis C, 1969. "A Theory of Conglomerate Mergers," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 83(4), pages 643-59, November.
    31. Bartov, Eli & Givoly, Dan & Hayn, Carla, 2002. "The rewards to meeting or beating earnings expectations," Journal of Accounting and Economics, Elsevier, vol. 33(2), pages 173-204, June.
    32. Lewellen, Wilbur G, 1971. "A Pure Financial Rationale for the Conglomerate Merger," Journal of Finance, American Finance Association, vol. 26(2), pages 521-37, May.
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