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Takeovers after "Takeovers"

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Author Info
Andy Cosh
Alan Hughes
Abstract

We review five decades of takeover actively in the UK. We assess the relative characteristics of acquiring and acquired companies and the performance impacts of merger using both accounting and share price based measures. We conclude that the fundamental conclusions reached by Ajit Singh about takeovers and the market for corporate control in his seminal contributions of the 1970s remain true in the light of subsequent work.

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Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp363.

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Date of creation: Jun 2008
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Handle: RePEc:cbr:cbrwps:wp363

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Related research
Keywords: Takeovers; Natural Selection; Market for Corporate Control;

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Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Terence Tse, Khaled Soufani, 2001. "Wealth Effects of Takeovers in Merger Activity Eras: Empirical Evidence from the UK," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 8(3), pages 365-377, November. [Downloadable!] (restricted)
  2. Dickerson, Andrew P & Gibson, Heather D & Tsakalotos, Euclid, 1998. "Takeover Risk and Dividend Strategy: A Study of UK Firms," Journal of Industrial Economics, Blackwell Publishing, vol. 46(3), pages 281-300, September. [Downloadable!] (restricted)
  3. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April. [Downloadable!] (restricted)
  4. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351. [Downloadable!] (restricted)
  5. Singh, Ajit, 1975. "Take-Overs, Economic Natural Selection, and the Theory of the Firm: Evidence from the Postwar United Kingdom Experience," Economic Journal, Royal Economic Society, vol. 85(339), pages 497-515, September. [Downloadable!] (restricted)
  6. Firth, Michael, 1979. "The Profitability of Takeovers and Mergers," Economic Journal, Royal Economic Society, vol. 89(354), pages 316-28, June. [Downloadable!] (restricted)
  7. Franks, J R & Broyles, J E & Hecht, M J, 1977. "An Industry Study of the Profitability of Mergers in the United Kingdom," Journal of Finance, American Finance Association, vol. 32(5), pages 1513-25, December. [Downloadable!] (restricted)
  8. Dickerson, Andrew P. & Gibson, Heather D. & Tsakalotos, Euclid, 2002. "Takeover risk and the market for corporate control: the experience of British firms in the 1970s and 1980s," International Journal of Industrial Organization, Elsevier, vol. 20(8), pages 1167-1195, October. [Downloadable!] (restricted)
    Other versions:
  9. Franks, Julian & Mayer, Colin, 1996. "Hostile takeovers and the correction of managerial failure," Journal of Financial Economics, Elsevier, vol. 40(1), pages 163-181, January. [Downloadable!] (restricted)
  10. Dickerson, Andrew P & Gibson, Heather D & Tsakalotos, Euclid, 1997. "The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of UK Firms," Oxford Economic Papers, Oxford University Press, vol. 49(3), pages 344-61, July. [Downloadable!] (restricted)
  11. Firth, Michael, 1978. "Synergism in Mergers: Some British Results," Journal of Finance, American Finance Association, vol. 33(2), pages 670-72, May. [Downloadable!] (restricted)
  12. George Alexandridis & Antonios Antoniou & Huainan Zhao, 2006. "Valuation Effects of Short Sale Constraints: the Case of Corporate Takeovers," European Financial Management, Blackwell Publishing Ltd, vol. 12(5), pages 747-762. [Downloadable!] (restricted)
  13. A Cosh & P Guest, 2001. "The Long-Run Performance of Hostile Takeovers: UK Evidence," ESRC Centre for Business Research - Working Papers wp215, ESRC Centre for Business Research. [Downloadable!]
  14. Franks, Julian & Mayer, Colin & Renneboog, Luc, 2001. "Who Disciplines Management in Poorly Performing Companies?," Journal of Financial Intermediation, Elsevier, vol. 10(3-4), pages 209-248, July. [Downloadable!] (restricted)
    Other versions:
  15. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110. [Downloadable!] (restricted)
  16. Thompson, Steve, 1997. "Takeover activity among financial mutuals: An analysis of target characteristics," Journal of Banking & Finance, Elsevier, vol. 21(1), pages 37-53, January. [Downloadable!] (restricted)
  17. Antonios Antoniou & Dimitris Petmezas & Huainan Zhao, 2007. "Bidder Gains and Losses of Firms Involved in Many Acquisitions," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 34(7-8), pages 1221-1244. [Downloadable!] (restricted)
  18. Andy Cosh & Paul Guest & Alan Hughes, 2007. "UK Corporate Governance and Takeover Performance," ESRC Centre for Business Research - Working Papers wp357, ESRC Centre for Business Research. [Downloadable!]
  19. Nuttal, R., 1999. "Takeover Likelihood Models for UK Quoted Companies," Economics Papers 1999-w6, Economics Group, Nuffield College, University of Oxford.
  20. Sudi Sudarsanam & Ashraf A. Mahate-super-*, 2003. "Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 30(1-2), pages 299-342. [Downloadable!] (restricted)
  21. Higson, Chris & Elliott, Jamie, 1998. "Post-takeover returns: The UK evidence," Journal of Empirical Finance, Elsevier, vol. 5(1), pages 27-46, January. [Downloadable!] (restricted)
  22. Utton, M A, 1974. "On Measuring the Effects of Industrial Mergers," Scottish Journal of Political Economy, Scottish Economic Society, vol. 21(1), pages 13-28, February.
  23. Cosh, A. D. & Hughes, A. & Lee, K. & Singh, A., 1989. "Institutional investment, mergers and the market for corporate control," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 73-100, March. [Downloadable!] (restricted)
  24. Levine, Paul & Aaronovitch, Sam, 1981. "The Financial Characteristics of Firms and Theories of Merger Activity," Journal of Industrial Economics, Blackwell Publishing, vol. 30(2), pages 149-72, December. [Downloadable!] (restricted)
  25. Gregory, Alan & McCorriston, Steve, 2005. "Foreign acquisitions by UK limited companies: short- and long-run performance," Journal of Empirical Finance, Elsevier, vol. 12(1), pages 99-125, January. [Downloadable!] (restricted)
  26. Andy Cosh & Paul M. Guest & Alan Hughes, 2006. "Board Share-Ownership and Takeover Performance," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 33(3-4), pages 459-510. [Downloadable!] (restricted)
  27. Pickering, J F, 1983. "The Causes and Consequences of Abandoned Mergers," Journal of Industrial Economics, Blackwell Publishing, vol. 31(3), pages 267-81, March. [Downloadable!] (restricted)
  28. Andrew P. Dickerson & Heather D. Gibson & Euclid Tsakalotos, 2003. "Is attack the best form of defence? A competing risks analysis of acquisition activity in the UK," Cambridge Journal of Economics, Oxford University Press, vol. 27(3), pages 337-357, May.
    Other versions:
  29. Firth, Michael, 1980. "Takeovers, Shareholder Returns, and the Theory of the Firm," The Quarterly Journal of Economics, MIT Press, vol. 94(2), pages 235-60, March. [Downloadable!] (restricted)
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