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Shareholder wealth effects of European domestic and cross-border takeover bids

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Author Info
Goergen, M.
Renneboog, L.D.R. (Tilburg University, Center for Economic Research)

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 50.

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Date of creation: 2002
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Handle: RePEc:dgr:kubcen:200250

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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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. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, vol. 6(2), pages 117-139, July. [Downloadable!] (restricted)
  2. Agrawal, Anup & Mandelker, Gershon N, 1987. " Managerial Incentives and Corporate Investment and Financing Decision s," Journal of Finance, American Finance Association, vol. 42(4), pages 823-37, September. [Downloadable!] (restricted)
  3. Dimson, E & Marsh, P R, 1983. " The Stability of UK Risk Measures and the Problem of Thin Trading," Journal of Finance, American Finance Association, vol. 38(3), pages 753-83, June. [Downloadable!] (restricted)
  4. 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)
  5. Vasicek, Oldrich A, 1973. "A Note on Using Cross-Sectional Information in Bayesian Estimation of Security Betas," Journal of Finance, American Finance Association, vol. 28(5), pages 1233-39, December. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Kothari, S. P. & Warner, Jerold B., 1997. "Measuring long-horizon security price performance," Journal of Financial Economics, Elsevier, vol. 43(3), pages 301-339, March. [Downloadable!] (restricted)
  8. A. Sinan Cebenoyan & George J. Papaioannou & Nickolaos G. Travlos, 1992. "Foreign Takeover Activity in the U.S. and Wealth Effects for Target Firm Shareholders," Financial Management, Financial Management Association, vol. 21(3), Fall.
  9. Scholes, Myron S & Wolfson, Mark A, 1990. "The Effects of Changes in Tax Laws on Corporate Reorganization Activity," Journal of Business, University of Chicago Press, vol. 63(1), pages S141-64, January. [Downloadable!] (restricted)
    Other versions:
  10. Froot, Kenneth A & Stein, Jeremy C, 1991. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1191-217, November. [Downloadable!] (restricted)
    Other versions:
  11. G. William Schwert, 2000. "Hostility in Takeovers: In the Eyes of the Beholder?," Journal of Finance, American Finance Association, vol. 55(6), pages 2599-2640, December. [Downloadable!] (restricted)
    Other versions:
  12. 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:
  13. Lang, Larry H. P. & Stulz, ReneM. & Walkling, Ralph A., 1991. "A test of the free cash flow hypothesis*1: The case of bidder returns," Journal of Financial Economics, Elsevier, vol. 29(2), pages 315-335, October. [Downloadable!] (restricted)
  14. Kaplan, Steven N & Weisbach, Michael S, 1992. " The Success of Acquisitions: Evidence from Divestitures," Journal of Finance, American Finance Association, vol. 47(1), pages 107-38, March. [Downloadable!] (restricted)
    Other versions:
  15. Berkovitch, Elazar & Narayanan, M. P., 1993. "Motives for Takeovers: An Empirical Investigation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(03), pages 347-362, September. [Downloadable!]
  16. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, vol. 37(1), pages 67-87, January. [Downloadable!] (restricted)
  17. Maquieira, Carlos P. & Megginson, William L. & Nail, Lance, 1998. "Wealth creation versus wealth redistributions in pure stock-for-stock mergers1," Journal of Financial Economics, Elsevier, vol. 48(1), pages 3-33, April. [Downloadable!] (restricted)
  18. Loughran, Tim & Vijh, Anand M, 1997. " Do Long-Term Shareholders Benefit from Corporate Acquisitions?," Journal of Finance, American Finance Association, vol. 52(5), pages 1765-90, December. [Downloadable!] (restricted)
  19. Gupta, Atul & LeCompte, Richard L. B. & Misra, Lalatendu, 1997. "Acquisitions of solvent thrifts: Wealth effects and managerial motivations," Journal of Banking & Finance, Elsevier, vol. 21(10), pages 1431-1450, October. [Downloadable!] (restricted)
  20. Warner, Jerold B, 1977. "Bankruptcy Costs: Some Evidence," Journal of Finance, American Finance Association, vol. 32(2), pages 337-47, May. [Downloadable!] (restricted)
  21. Alan Gregory, 1997. "An Examination of the Long Run Performance of UK Acquiring Firms," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 24(7&8), pages 971-1002. [Downloadable!] (restricted)
  22. Henri Servaes & Marc Zenner, 1994. "Taxes and the Return to Foreign Acquisitions in the United States," Financial Management, Financial Management Association, vol. 23(4), Winter.
  23. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April. [Downloadable!] (restricted)
  24. Raghavendra Rau, P. & Vermaelen, Theo, 1998. "Glamour, value and the post-acquisition performance of acquiring firms1," Journal of Financial Economics, Elsevier, vol. 49(2), pages 223-253, August. [Downloadable!] (restricted)
  25. 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, vol. 24(1), pages 137-154, September. [Downloadable!] (restricted)
  26. Harris, Robert S & Ravenscraft, David, 1991. " The Role of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market," Journal of Finance, American Finance Association, vol. 46(3), pages 825-44, July. [Downloadable!] (restricted)
  27. Eckbo, B. Espen & Thorburn, Karin S., 2000. "Gains to Bidder Firms Revisited: Domestic and Foreign Acquisitions in Canada," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(01), pages 1-25, March. [Downloadable!]
  28. 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)
  29. Blume, Marshall E, 1971. "On the Assessment of Risk," Journal of Finance, American Finance Association, vol. 26(1), pages 1-10, March. [Downloadable!] (restricted)
  30. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June. [Downloadable!] (restricted)
  31. Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June. [Downloadable!] (restricted)
  32. Mitchell, Mark L & Stafford, Erik, 2000. "Managerial Decisions and Long-Term Stock Price Performance," Journal of Business, University of Chicago Press, vol. 73(3), pages 287-329, July. [Downloadable!] (restricted)
    Other versions:
  33. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January. [Downloadable!] (restricted)
  34. Kang, Jun-Koo, 1993. "The international market for corporate control *1: Mergers and acquisitions of U.S. firms by Japanese firms," Journal of Financial Economics, Elsevier, vol. 34(3), pages 345-371, December. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, 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. Chilosi, Alberto & Damiani, Mirella, 2007. "Stakeholders vs. shareholders in corporate governance," MPRA Paper 2334, University Library of Munich, Germany. [Downloadable!]
  2. Martynova, Marina & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper 3, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
    Other versions:
  3. Bruce Lyons, 2008. "An Economic Assessment of EC Merger Control: 1957–2007," Working Papers 08-17, Centre for Competition Policy, University of East Anglia. [Downloadable!]
  4. Jacinto Vidigal da Silva & Miguel Diz, 2005. "Mergers And Acquisitions In The Portuguese Banking Industry: Is It There A Process Of Value Creation?," Finance 0503002, EconWPA. [Downloadable!]
  5. Dennis C. Mueller & B. Burcin Yurtoglu, 2007. "Corporate governance and the returns to acquiring firms' shareholders: an international comparison," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 879-896. [Downloadable!]
  6. Renneboog, L.D.R. & Szilagyi, Peter G., 2006. "How do mergers and acquisitions affect bondholders in Europe? : evidence on the impact and spillover of governance and legal standards," Discussion Paper 55, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  7. Renneboog, L.D.R. & Simons, Thomas, 2005. "Public-to-private transactions : LBOs, MBOs, MBIs and IBOs," Discussion Paper 98, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  8. Gino Loyola, 2008. "Optimal takeover contests with toeholds," Economics Working Papers we083217, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  9. Martynova, Marina & Oosting, Sjoerd & Renneboog, L.D.R., 2006. "The long-term operating performance of European mergers and acquisitions," Discussion Paper 111, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  10. Nenova, Tatiana, 2006. "Takeover laws and financial development," Policy Research Working Paper Series 4029, The World Bank. [Downloadable!]
  11. Martynova, Marina & Renneboog, L.D.R., 2006. "The performance of the European market for corporate control : evidence from the 5th takeover wave," Discussion Paper 118, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  12. Utz Weitzel & Killian J McCarthy, 2009. "Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises," Working Papers 09-21, Utrecht School of Economics. [Downloadable!]
  13. Jorge Farinha & Francisco Miranda, 2003. "Run-up, toeholds, and agency effects in mergers and acquisitions: evidence from an emerging market," CETE Discussion Papers 0311, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  14. Damiani, Mirella & Pompei, Fabrizio, 2008. "Mergers, acquisitions and technological regimes: the European experience over the period 2002- 2005," MPRA Paper 8226, University Library of Munich, Germany. [Downloadable!]
    Other versions:
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