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Citations for "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains?"

by Gordon M Phillips & Vojislav Maksimovic

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  1. Campa, Jose M. & Kedia, Simi, 2000. "Explaining the diversification discount," IESE Research Papers, IESE Business School D/424, IESE Business School.
  2. Srdan Komlenovic & Abdullah Mamun & Dev Mishra, 2011. "Business cycle and aggregate industry mergers," Journal of Economics and Finance, Springer, Springer, vol. 35(3), pages 239-259, July.
  3. Peter L. Rousseau, 2006. "The Q-Theory of Mergers: International and Cross-Border Evidence," 2006 Meeting Papers, Society for Economic Dynamics 153, Society for Economic Dynamics.
  4. Pascal Nguyen & Nahid Rahman, 2014. "Which Governance Characteristics Affect the Incidence of Divestitures in Australia?," Working Paper Series, Finance Discipline Group, UTS Business School, University of Technology, Sydney 180, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  5. Dittmar, Amy K. & Dittmar, Robert F., 2008. "The timing of financing decisions: An examination of the correlation in financing waves," Journal of Financial Economics, Elsevier, Elsevier, vol. 90(1), pages 59-83, October.
  6. Ovtchinnikov, Alexei V., 2013. "Merger waves following industry deregulation," Journal of Corporate Finance, Elsevier, Elsevier, vol. 21(C), pages 51-76.
  7. Holger Breinlich, 2006. "Trade Liberalization and Industrial Restructuring through Mergers and Acquisitions," CEP Discussion Papers, Centre for Economic Performance, LSE dp0717, Centre for Economic Performance, LSE.
  8. Holger Breinlich & Stefan Niemann & Edna Solomon, 2010. "A Portrait of firm Expansion and Contraction Channels," Economics Discussion Papers, University of Essex, Department of Economics 693, University of Essex, Department of Economics.
  9. Volker Nocke & Stephen Yeaple, 2004. "An Assignment Theory of Foreign Direct Investment," PIER Working Paper Archive 05-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  10. Sheng-Syan Chen & I-Ju Chen, 2011. "Inefficient Investment and the Diversification Discount: Evidence from Corporate Asset Purchases," Journal of Business Finance & Accounting, Wiley Blackwell, Wiley Blackwell, vol. 38(7-8), pages 887-914, 09.
  11. Lou, Fang & Wang, Jiwei & Yuan, Hongqi, 2014. "Causes and consequences of corporate asset exchanges by listed companies in China," International Review of Economics & Finance, Elsevier, Elsevier, vol. 31(C), pages 205-217.
  12. Shutao Cao, 2008. "A Model of Costly Capital Reallocation and Aggregate Productivity," Working Papers, Bank of Canada 08-38, Bank of Canada.
  13. Thomas J. Chemmanur & Karthik Krishnan & Debarshi K. Nandy, 0. "How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 24(12), pages 4037-4090.
  14. S. Balcaen & J. Buyze & H. Ooghe, 2009. "Financial distress and firm exit: determinants of involuntary exits, voluntary liquidations and restructuring exits," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration 09/598, Ghent University, Faculty of Economics and Business Administration.
  15. Jain, Bharat A. & Kini, Omesh & Shenoy, Jaideep, 2011. "Vertical divestitures through equity carve-outs and spin-offs: A product markets perspective," Journal of Financial Economics, Elsevier, Elsevier, vol. 100(3), pages 594-615, June.
  16. Mantecon, Tomas & Chatfield, Robert E., 2007. "An analysis of the disposition of assets in a joint venture," Journal of Banking & Finance, Elsevier, Elsevier, vol. 31(9), pages 2591-2611, September.
  17. Tabak, Benjamin M. & Fazio, Dimas M. & Cajueiro, Daniel O., 2013. "Systemically important banks and financial stability: The case of Latin America," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(10), pages 3855-3866.
  18. Arikan, Asli M. & Stulz, Rene M., 2011. "Corporate Acquisitions, Diversification, and the Firm's Lifecycle," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2011-18, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  19. Stefano CLÒ & Chiara F. DEL BO & Matteo FERRARIS & Carlo FIORIO & Massimo FLORIO & Daniela VANDONE, 2014. "Publicization versus Privatization: Recent Worldwide Evidence," Departmental Working Papers, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano 2014-04, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  20. Coublucq, Daniel, 2013. "Demand estimation with selection bias: A dynamic game approach with an application to the US railroad industry," DICE Discussion Papers 94, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  21. Andrey Malenko & Alexander Gorbenko, 2013. "Means of payment and timing of mergers and acquisitions in a dynamic economy," 2013 Meeting Papers, Society for Economic Dynamics 928, Society for Economic Dynamics.
  22. Ahern, Kenneth R., 2012. "Bargaining power and industry dependence in mergers," Journal of Financial Economics, Elsevier, Elsevier, vol. 103(3), pages 530-550.
  23. Edmans, Alex & Mann, William, 2013. "Financing Through Asset Sales," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9720, C.E.P.R. Discussion Papers.
  24. Asli M. Arikan & René M. Stulz, 2011. "Corporate Acquisitions, Diversification, and the Firm’s Lifecycle," NBER Working Papers 17463, National Bureau of Economic Research, Inc.
  25. Koke, Jens, 2004. "The market for corporate control in a bank-based economy: a governance device?," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 53-80, January.
  26. Maksimovic, Vojislav & Phillips, Gordon & Prabhala, N.R., 2011. "Post-merger restructuring and the boundaries of the firm," Journal of Financial Economics, Elsevier, Elsevier, vol. 102(2), pages 317-343.
  27. Nguyen, Pascal & Rahman, Nahid & Zhao, Ruoyun, 2013. "Ownership structure and divestiture decisions: Evidence from Australian firms," International Review of Financial Analysis, Elsevier, Elsevier, vol. 30(C), pages 170-181.
  28. Cornett, Marcia Millon & Tanyeri, Basak & Tehranian, Hassan, 2011. "The effect of merger anticipation on bidder and target firm announcement period returns," Journal of Corporate Finance, Elsevier, Elsevier, vol. 17(3), pages 595-611, June.
  29. Sai Ding & Alessandra Guariglia & John Knight, . "Negative investment in China: financing constraints and restructuring versus growth," Discussion Papers 12/01, University of Nottingham, GEP.
  30. Jianjun Miao & Dirk Hackbarth, 2008. "The Timing and Returns of Mergers and Acquisitions in Oligopolistic Industries," 2008 Meeting Papers 12, Society for Economic Dynamics.
  31. Andrea L. Eisfeldt & Dimitris Papanikolaou, 2013. "Organization Capital and the Cross-Section of Expected Returns," Journal of Finance, American Finance Association, American Finance Association, vol. 68(4), pages 1365-1406, 08.
  32. Albert Banal-Estañol & Marco Ottaviani & Andrew Winton, 2013. "The Flip Side of Financial Synergies:Coinsurance versus Risk Contamination," Working Papers 475, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  33. Köke, Jens, 2000. "Control transfers in corporate Germany: their frequency, causes and consequences," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 00-67, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  34. Slovin, Myron B. & Sushka, Marie E. & Mantecon, Tomas P., 2007. "Analyzing joint ventures as corporate control activity," Journal of Banking & Finance, Elsevier, Elsevier, vol. 31(8), pages 2365-2382, August.
  35. Ding, Sai & Guariglia, Alessandra & Knight, John, 2010. "Negative investment in China: financing constraints and restructuring versus growth," SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) 2010-108, Scottish Institute for Research in Economics (SIRE).
  36. Vikash Gautam, 2012. "Asset Sales by Manufacturing Firms in India," Journal of Quantitative Economics, The Indian Econometric Society, The Indian Econometric Society, vol. 10(1), pages 136-155, January.
  37. D'Souza, Juliet & Megginson, William & Nash, Robert, 2007. "The effects of changes in corporate governance and restructurings on operating performance: Evidence from privatizations," Global Finance Journal, Elsevier, vol. 18(2), pages 157-184.
  38. Chad Syverson, 2010. "What Determines Productivity?," NBER Working Papers 15712, National Bureau of Economic Research, Inc.
  39. Praet, Alain, 2013. "Family firms and the divestment decision: An agency perspective," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 4(1), pages 34-41.
  40. Fee, C. Edward & Hadlock, Charles J. & Pierce, Joshua R., 2012. "What happens in acquisitions?," Journal of Corporate Finance, Elsevier, Elsevier, vol. 18(3), pages 584-597.
  41. Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer, Springer, vol. 41(3), pages 103-120, June.
  42. Briana Chang, 2011. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2011 Meeting Papers 157, Society for Economic Dynamics.
  43. Mohitosh Kejriwal & Pierre Perron, 2007. "Data Dependent Rules for the Selection of the Number of Leads and Lags in the Dynamic OLS Cointegrating Regression," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-018, Boston University - Department of Economics.
  44. Warusawitharana, Missaka, 2008. "Corporate asset purchases and sales: Theory and evidence," Journal of Financial Economics, Elsevier, Elsevier, vol. 87(2), pages 471-497, February.
  45. Chen, Fan & Sanger, Gary C. & Slovin, Myron B., 2013. "Asset sales in the mutual fund industry: Who gains?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(12), pages 4834-4849.
  46. Toxvaerd, Flavio, 2008. "Strategic merger waves: A theory of musical chairs," Journal of Economic Theory, Elsevier, Elsevier, vol. 140(1), pages 1-26, May.
  47. Eisfeldt, Andrea L. & Rampini, Adriano A., 2008. "Managerial incentives, capital reallocation, and the business cycle," Journal of Financial Economics, Elsevier, Elsevier, vol. 87(1), pages 177-199, January.
  48. Gerard Hoberg & Gordon M. Phillips, 2008. "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," NBER Working Papers 14289, National Bureau of Economic Research, Inc.
  49. Baker, Malcolm & Pan, Xin & Wurgler, Jeffrey, 2012. "The effect of reference point prices on mergers and acquisitions," Journal of Financial Economics, Elsevier, Elsevier, vol. 106(1), pages 49-71.
  50. Gordon M. Phillips & Alexei Zhdanov, 2012. "R&D and the Incentives from Merger and Acquisition Activity," NBER Working Papers 18346, National Bureau of Economic Research, Inc.
  51. Donald S. Siegel & Kenneth L. Simons & Tomas Lindstrom, 2009. "Ownership Change, Productivity, and Human Capital: New Evidence from Matched Employer-Employee Data," NBER Chapters, in: Producer Dynamics: New Evidence from Micro Data, pages 397-442 National Bureau of Economic Research, Inc.
  52. Banal-Estanol, Albert & Heidhues, Paul & Nitsche, Rainer & Seldeslachts, Jo, 2009. "Screening and Merger Activity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University 270, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  53. Mohamed Azzim Gulamhussen & Carlos Pinheiro & Alberto Franco Pozzolo, 2010. "Do multinational banks create or destroy economic value?," Mo.Fi.R. Working Papers, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences 36, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  54. Alain Praet, 2011. "Voluntary firm restructuring: why do firms sell or liquidate their subsidiaries?," Annals of Finance, Springer, Springer, vol. 7(4), pages 449-476, November.
  55. Joel Stiebale & Michaela Trax, 2011. "The effects of cross-border M&As on the acquirers' domestic performance: firm-level evidence," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 44(3), pages 957-990, August.
  56. HOSONO Kaoru & TAKIZAWA Miho & TSURU Kotaro, 2009. "Mergers, Innovation, and Productivity: Evidence from Japanese manufacturing firms," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 09017, Research Institute of Economy, Trade and Industry (RIETI).
  57. Friberg, Richard & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets," Working Paper Series, Research Institute of Industrial Economics 777, Research Institute of Industrial Economics.
  58. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, Elsevier, vol. 6(2), pages 117-139, July.
  59. USHIJIMA Tatsuo & Ulrike SCHAEDE, 2013. "The Market for Corporate Subsidiaries in Japan: An empirical study of trades among listed firms," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 13012, Research Institute of Economy, Trade and Industry (RIETI).
  60. Almeida, Heitor & Campello, Murillo & Hackbarth, Dirk, 2011. "Liquidity mergers," Journal of Financial Economics, Elsevier, Elsevier, vol. 102(3), pages 526-558.
  61. Marcus Clements & Harminder Singh & Antonie Van Eekelen, 2007. "Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets," Accounting, Finance, Financial Planning and Insurance Series, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance 2007_20, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  62. Hege, Ulrich & Lovo, Stefano & Slovin, Myron B. & Sushka, Marie E., 2009. "Asset sales and the role of buyers: strategic buyers versus private equity," MPRA Paper 39549, University Library of Munich, Germany, revised Feb 2012.
  63. Kling, Gerhard, 2006. "The long-term impact of mergers and the emergence of a merger wave in pre-World-War I Germany," Explorations in Economic History, Elsevier, Elsevier, vol. 43(4), pages 667-688, October.
  64. Eisfeldt, Andrea L. & Rampini, Adriano A., 2006. "Capital reallocation and liquidity," Journal of Monetary Economics, Elsevier, Elsevier, vol. 53(3), pages 369-399, April.
  65. Yong Kim, 2009. "Capital Reallocation and Liquidity with Search Frictions," 2009 Meeting Papers, Society for Economic Dynamics 72, Society for Economic Dynamics.
  66. Frederik P. Schlingemann & Rene M. Stulz & Ralph A. Walkling, 2000. "Asset Liquidity and Segment Divestitures," NBER Working Papers 7873, National Bureau of Economic Research, Inc.
  67. Lina M. Cortés & Diego A. Agudelo & Samuel Mongrut, 2012. "Waves and determinants in the activity of Mergers and Acquisitions: The Case of Latin America," DOCUMENTOS DE TRABAJO CIEF, UNIVERSIDAD EAFIT 010658, UNIVERSIDAD EAFIT.
  68. Dirk Hackbarth & Jianjun Maio, 2007. "The Dynamics of Mergers and Acquisitions in Oligopolistic Industries," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-017, Boston University - Department of Economics.
  69. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 32(10), pages 2148-2177, October.
  70. Sibilkov, Valeriy & Straska, Miroslava & Waller, H. Gregory, 2013. "The value implications of restrictions on asset sales," Review of Financial Economics, Elsevier, Elsevier, vol. 22(3), pages 98-108.
  71. Faria, Andre L., 2008. "Mergers and the market for organization capital," Journal of Economic Theory, Elsevier, Elsevier, vol. 138(1), pages 71-100, January.
  72. Joel David, 2012. "The Aggregate Implications of Mergers and Acquisitions," 2012 Meeting Papers, Society for Economic Dynamics 1178, Society for Economic Dynamics.
  73. Nocke, Volker & Yeaple, Stephen R, 2008. "Globalization and the Size Distribution of Multiproduct Firms," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6948, C.E.P.R. Discussion Papers.
  74. Jackson, Scott B. & Rodgers, Theodore C. & Tuttle, Brad, 2010. "The effect of depreciation method choice on asset selling prices," Accounting, Organizations and Society, Elsevier, vol. 35(8), pages 757-774, November.
  75. Li, Xiaoyang & Low, Angie & Makhija, Anil K., 2011. "Career Concerns and the Busy Life of the Young CEO," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2011-4, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  76. Berg, Aron & Norbäck, Pehr-Johan & Persson, Lars, 2012. "International Mergers with Financially Constrained Owners," Working Paper Series, Research Institute of Industrial Economics 927, Research Institute of Industrial Economics.
  77. Liu Yang, 2008. "The Real Determinants of Asset Sales," Journal of Finance, American Finance Association, American Finance Association, vol. 63(5), pages 2231-2262, October.
  78. Breinlich, Holger & Niemann, Stefan & Solomon, Edna, 2012. "Channels of size adjustment and firm performance," Economics Letters, Elsevier, Elsevier, vol. 116(2), pages 202-206.
  79. Takechi, Kazutaka, 2013. "Understanding the productivity effect of M&A in Japan: An empirical analysis of the electronics industry from 1989 to 1998," Japan and the World Economy, Elsevier, Elsevier, vol. 25, pages 1-9.
  80. Alessandro Gavazza, 2011. "The Role of Trading Frictions in Real Asset Markets," American Economic Review, American Economic Association, American Economic Association, vol. 101(4), pages 1106-43, June.
  81. Pablo Kurlat, 2013. "Lemons Markets and the Transmission of Aggregate Shocks," American Economic Review, American Economic Association, American Economic Association, vol. 103(4), pages 1463-89, June.
  82. Ulrich Hege & Stefano Lovo & Myron B. Slovin & Marie E. Sushka, 2009. "Equity and Cash in Intercorporate Asset Sales: Theory and Evidence," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 22(2), pages 681-714, February.
  83. Espen Eckbo, B. & Thorburn, S. Karin, 2008. "Automatic bankruptcy auctions and fire-sales," Journal of Financial Economics, Elsevier, Elsevier, vol. 89(3), pages 404-422, September.
  84. Habib, Michel A. & Mella-Barral, Pierre, 2013. "Skills, core capabilities, and the choice between merging, allying, and trading assets," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 31-48.
  85. Almeida, Heitor & Wolfenzon, Daniel, 2006. "Should business groups be dismantled? The equilibrium costs of efficient internal capital markets," Journal of Financial Economics, Elsevier, Elsevier, vol. 79(1), pages 99-144, January.
  86. Holger Breinlich & Stefan Niemann, 2011. "Channels of Firm Adjustment: Theory and Empirical Evidence," Economics Discussion Papers, University of Essex, Department of Economics 697, University of Essex, Department of Economics.
  87. Florian Heiss & Jens Köke, 2004. "Dynamics in Ownership and Firm Survival: Evidence from Corporate Germany," European Financial Management, European Financial Management Association, European Financial Management Association, vol. 10(1), pages 167-195.
  88. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 1-36, January.
  89. Campa, Jose M. & Chang, Kevin & Refalo, James F., 2000. "Options-based analysis of emerging market exchange rate expectations: Brazil's real plan, 1994-1999, An," IESE Research Papers, IESE Business School D/425, IESE Business School.
  90. Li, Xiaoyang, 2013. "Productivity, restructuring, and the gains from takeovers," Journal of Financial Economics, Elsevier, Elsevier, vol. 109(1), pages 250-271.
  91. Tetsuji Okazaki & Chad Syverson & Atsushi Ohyama & Serguey Braguinsky, 2014. "Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry," 2014 Meeting Papers, Society for Economic Dynamics 177, Society for Economic Dynamics.
  92. Goto, Mika & Low, Angie & Makhija, Anil K., 2008. "Diversification, Productivity, and Financial Constraints Empirical Evidence from the US Electric Utility Industry," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2008-3, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  93. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, Elsevier, vol. 15(1), pages 149-178, February.
  94. Koke, Jens, 2002. "Determinants of acquisition and failure: evidence from corporate Germany," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 13(4), pages 457-484, December.
  95. Rhodes-Kropf, Matthew & Robinson, David T. & Viswanathan, S., 2005. "Valuation waves and merger activity: The empirical evidence," Journal of Financial Economics, Elsevier, Elsevier, vol. 77(3), pages 561-603, September.
  96. Zheng Song & Kaiji Chen, 2007. "Capital Reallocation, Productivity, and Expectation-Driven Business Cycles," 2007 Meeting Papers, Society for Economic Dynamics 512, Society for Economic Dynamics.
  97. Francesco Sandulli & José Fernández-Menéndez & Antonio Rodríguez-Duarte & José López-Sánchez, 2012. "The productivity payoff of information technology in multimarket SMEs," Small Business Economics, Springer, Springer, vol. 39(1), pages 99-117, July.
  98. Pascal Nguyen, 2013. "The role of firm performance in the market reaction to divestiture announcements," Economics Bulletin, AccessEcon, vol. 33(3), pages 1723-1728.
  99. Dahiya, Sandeep & Klapper, Leora, 2007. "Who survives? A cross-country comparison," Journal of Financial Stability, Elsevier, Elsevier, vol. 3(3), pages 261-278, October.
  100. Köke, Jens, 2001. "Determinants of acquisition and failure: stylized facts and lessons for empirical studies," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 01-30, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.