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Disciplinary Corporate Takeovers: Evidence for Australia

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Author Info

  • Stuart Dullard

    (Ashurst, Sydney, Australia)

  • Kim Hawtrey

    ()
    (BIS Shrapnel, Australia)

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    Abstract

    This paper tests the relationship between takeovers and poor management performance, known as the market discipline hypothesis. We create a proprietary new Australian dataset for this study by individually researching company reports for executive retention data. We assess takeover targets for pre-bid managerial inefficiency and find evidence that Australian target companies exhibit negative abnormal returns prior to takeover. In particular, we find that disciplinary targets underperform their non-disciplinary counterparts. Our tests take into account the difference between friendly and hostile takeovers, and the industry sector in which the target firm operates.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Review of Pacific Basin Financial Markets and Policies.

    Volume (Year): 15 (2012)
    Issue (Month): 03 ()
    Pages: 1250018-1-1250018-22

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    Handle: RePEc:wsi:rpbfmp:v:15:y:2012:i:03:p:1250018-1-1250018-22

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    Related research

    Keywords: Strategic takeovers; performance; management; efficiency; market;

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