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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. Li, Xiaoyang, 2013. "Productivity, restructuring, and the gains from takeovers," Journal of Financial Economics, Elsevier, Elsevier, vol. 109(1), pages 250-271.
  2. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, Elsevier, vol. 6(2), pages 117-139, July.
  3. 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.
  4. Köke, Jens, 2001. "Determinants of acquisition and failure: stylized facts and lessons for empirical studies," ZEW Discussion Papers 01-30, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. 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.
  6. 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.
  7. 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.
  8. Albert Banal-Estañol & Marco Ottaviani & Andrew Winton, 2013. "The Flip Side of Financial Synergies: Coinsurance Versus Risk Contamination," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 26(12), pages 3142-3181.
  9. 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.
  10. 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.
  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. John Knight & Sai Ding and Alessandra Guariglia, 2010. "Negative investment in China: financing constraints and restructuring versus growth," Economics Series Working Papers 519, University of Oxford, Department of Economics.
  13. 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.
  14. Campa, Jose M. & Kedia, Simi, 2000. "Explaining the diversification discount," IESE Research Papers D/424, IESE Business School.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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, vol. 44(3), pages 957-990, August.
  20. Alex Edmans & William Mann, 2013. "Financing Through Asset Sales," NBER Working Papers 18677, National Bureau of Economic Research, Inc.
  21. Gulamhussen, M. A. & Piheiro, Carlos & Pozzolo, Alberto Franco, 2011. "Do multinational banks create or destroy economic value?," Economics & Statistics Discussion Papers esdp11057, University of Molise, Dept. EGSeI.
  22. 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.
  23. 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.
  24. 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.
  25. Hege, Ulrich & Lovo, Stefano & Slovin, Myron & Sushka, Marie, 2006. "Equity and cash in intercorporate asset sales : theory and evidence," Les Cahiers de Recherche 859, HEC Paris.
  26. 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.
  27. Arikan, Asli M. & Stulz, Rene M., 2011. "Corporate Acquisitions, Diversification, and the Firm's Lifecycle," Working Paper Series 2011-18, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  28. 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.
  29. 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.
  30. Holger Breinlich & Stefan Niemann & Edna Solomon, 2011. "Channels of Size Adjustment and Firm Performance," Economics Discussion Papers, University of Essex, Department of Economics 703, University of Essex, Department of Economics.
  31. 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.
  32. Pascal Nguyen, 2013. "The role of firm performance in the market reaction to divestiture announcements," Economics Bulletin, AccessEcon, vol. 33(3), pages 1723-1728.
  33. 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.
  34. 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.
  35. Eisfeldt, Andrea L. & Rampini, Adriano A., 2006. "Capital reallocation and liquidity," Journal of Monetary Economics, Elsevier, Elsevier, vol. 53(3), pages 369-399, April.
  36. Chad Syverson, 2011. "What Determines Productivity?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 326-65, June.
  37. 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.
  38. 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.
  39. Yong Kim, 2009. "Capital Reallocation and Liquidity with Search Frictions," 2009 Meeting Papers, Society for Economic Dynamics 72, Society for Economic Dynamics.
  40. Li, Xiaoyang & Low, Angie & Makhija, Anil K., 2011. "Career Concerns and the Busy Life of the Young CEO," Working Paper Series 2011-4, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  41. Almeida, Heitor & Campello, Murillo & Hackbarth, Dirk, 2011. "Liquidity mergers," Journal of Financial Economics, Elsevier, Elsevier, vol. 102(3), pages 526-558.
  42. Toxvaerd, Flavio, 2007. "Strategic Merger Waves: A Theory of Musical Chairs," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6159, C.E.P.R. Discussion Papers.
  43. Hackbarth, Dirk & Miao, Jianjun, 2012. "The dynamics of mergers and acquisitions in oligopolistic industries," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 36(4), pages 585-609.
  44. 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.
  45. 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.
  46. 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.
  47. 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.
  48. Joel David, 2012. "The Aggregate Implications of Mergers and Acquisitions," 2012 Meeting Papers, Society for Economic Dynamics 1178, Society for Economic Dynamics.
  49. 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.
  50. Briana Chang, 2011. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2011 Meeting Papers 157, Society for Economic Dynamics.
  51. Shutao Cao, 2008. "A Model of Costly Capital Reallocation and Aggregate Productivity," Working Papers, Bank of Canada 08-38, Bank of Canada.
  52. 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).
  53. 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.
  54. Ovtchinnikov, Alexei V., 2013. "Merger waves following industry deregulation," Journal of Corporate Finance, Elsevier, Elsevier, vol. 21(C), pages 51-76.
  55. 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.
  56. 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.
  57. Dirk Hackbarth & Jianjun Miao, . "The Timing and Returns of Mergers and Acquisitions in Oligopolistic Industries," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics wp2008-022, Boston University - Department of Economics.
  58. 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 270, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  59. 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.
  60. 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.
  61. Volker Nocke & Stephen Yeaple, 2004. "An Assignment Theory of Foreign Direct Investment," NBER Working Papers 11003, National Bureau of Economic Research, Inc.
  62. Gordon M. Phillips & Alexei Zhdanov, 2013. "R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 26(1), pages 34-78.
  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. 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.
  65. 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.
  66. 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.
  67. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 1-36, January.
  68. 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.
  69. Warusawitharana, Missaka, 2008. "Corporate asset purchases and sales: Theory and evidence," Journal of Financial Economics, Elsevier, Elsevier, vol. 87(2), pages 471-497, February.
  70. 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.
  71. 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).
  72. Faria, Andre L., 2008. "Mergers and the market for organization capital," Journal of Economic Theory, Elsevier, Elsevier, vol. 138(1), pages 71-100, January.
  73. 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.
  74. Holger Breinlich, 2006. "Trade Liberalization and Industrial Restructuring through Mergers and Acquisitions," CEP Discussion Papers dp0717, Centre for Economic Performance, LSE.
  75. 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.
  76. 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.
  77. 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.
  78. 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.
  79. Köke, Jens, 2000. "Control transfers in corporate Germany: their frequency, causes and consequences," ZEW Discussion Papers 00-67, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  80. 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.
  81. 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.
  82. Gautam, Vikash, 2009. "Asset sales by manufacturing firms in India," MPRA Paper 35430, University Library of Munich, Germany, revised Dec 2009.
  83. 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.
  84. 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.
  85. 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.
  86. Mohitosh Kejriwal & Pierre Perron, 2006. "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 WP2006-035, Boston University - Department of Economics.
  87. 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.
  88. 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.
  89. Dahiya, Sandeep & Klapper, Leora, 2007. "Who survives? A cross-country comparison," Journal of Financial Stability, Elsevier, Elsevier, vol. 3(3), pages 261-278, October.
  90. 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.
  91. 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).
  92. Ahern, Kenneth R., 2012. "Bargaining power and industry dependence in mergers," Journal of Financial Economics, Elsevier, Elsevier, vol. 103(3), pages 530-550.
  93. 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.
  94. 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.
  95. 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.
  96. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, Elsevier, vol. 15(1), pages 149-178, February.
  97. Goto, Mika & Low, Angie & Makhija, Anil K., 2008. "Diversification, Productivity, and Financial Constraints Empirical Evidence from the US Electric Utility Industry," Working Paper Series 2008-3, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  98. 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 D/425, IESE Business School.
  99. 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.