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Voluntary use of independent valuation advice by target firm boards in takeovers

  • Bugeja, Martin
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    File URL: http://www.sciencedirect.com/science/article/B6VFF-4MT554G-1/2/9240d1ce1ec0f1fb5cae745dd8a2bd58
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    Article provided by Elsevier in its journal Pacific-Basin Finance Journal.

    Volume (Year): 15 (2007)
    Issue (Month): 4 (September)
    Pages: 368-387

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    Handle: RePEc:eee:pacfin:v:15:y:2007:i:4:p:368-387
    Contact details of provider: Web page: http://www.elsevier.com/locate/pacfin

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    1. Franks, Julian & Harris, Robert & Titman, Sheridan, 1991. "The postmerger share-price performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 29(1), pages 81-96, March.
    2. Ralph A. Walkling & Michael S. Long, 1984. "Agency Theory, Managerial Welfare, and Takeover Bid Resistance," RAND Journal of Economics, The RAND Corporation, vol. 15(1), pages 54-68, Spring.
    3. Stulz, ReneM., 1988. "Managerial control of voting rights : Financing policies and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 25-54, January.
    4. Agrawal, Anup & Walkling, Ralph A, 1994. " Executive Careers and Compensation Surrounding Takeover Bids," Journal of Finance, American Finance Association, vol. 49(3), pages 985-1014, July.
    5. Walkling, Ralph A., 1985. "Predicting Tender Offer Success: A Logistic Analysis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 461-478, December.
    6. Martin Bugeja, 2005. "The 'Independence' of Expert Opinions in Corporate Takeovers: Agreeing With Directors' Recommendations," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9-10), pages 1861-1885.
    7. Cotter, James F. & Shivdasani, Anil & Zenner, Marc, 1997. "Do independent directors enhance target shareholder wealth during tender offers?," Journal of Financial Economics, Elsevier, vol. 43(2), pages 195-218, February.
    8. Stulz, Rene M & Walkling, Ralph A & Song, Moon H, 1990. " The Distribution of Target Ownership and the Division of Gains in Successful Takeovers," Journal of Finance, American Finance Association, vol. 45(3), pages 817-33, July.
    9. Henry, Darren, 2004. "Corporate governance and ownership structure of target companies and the outcome of takeovers," Pacific-Basin Finance Journal, Elsevier, vol. 12(4), pages 419-444, September.
    10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    11. Gary W Emery & Jeannette A Switzer, 1999. "Expected Market Reaction and the Choice of Method of Payment for Acquisitions," Financial Management, Financial Management Association, vol. 28(4), Winter.
    12. Peter Holl & Dimitis Kyriaziz, 1996. "The Determinants of Outcome in UK Take-over Bids," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 3(2), pages 165-184.
    13. Martin Bugeja, 2005. "Effect of independent expert reports in Australian takeovers," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 45(4), pages 519-536.
    14. Harford, Jarrad, 2003. "Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats," Journal of Financial Economics, Elsevier, vol. 69(1), pages 51-83, July.
    15. Martin Bugeja & Raymond da Silva Rosa & Terry Walter, 2005. "Expert reports in Australian takeovers: fees and quality," Abacus, Accounting Foundation, University of Sydney, vol. 41(3), pages 307-322.
    16. Martin, Kenneth J & McConnell, John J, 1991. " Corporate Performance, Corporate Takeovers, and Management Turnover," Journal of Finance, American Finance Association, vol. 46(2), pages 671-87, June.
    17. Niamh Brennan, 1999. "Voluntary Disclosure of Profit Forecasts by Target Companies in Takeover Bids," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(7&8), pages 883-917.
    18. Martin, Kenneth J, 1996. " The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership," Journal of Finance, American Finance Association, vol. 51(4), pages 1227-46, September.
    19. Peter H. Eddey & Roger S. Casey, 1989. "Directors' Recommendations in Response to Takeover Bids: Do They Act in Their Own Interests?," Australian Journal of Management, Australian School of Business, vol. 14(1), pages 1-28, June.
    20. Darren Henry, 2005. "Directors' Recommendations in Takeovers: An Agency and Governance Analysis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1-2), pages 129-159.
    21. Cotter, James F. & Zenner, Marc, 1994. "How managerial wealth affects the tender offer process," Journal of Financial Economics, Elsevier, vol. 35(1), pages 63-97, February.
    22. Omesh Kini & William Kracaw & Shehzad Mian, 2004. "The Nature of Discipline by Corporate Takeovers," Journal of Finance, American Finance Association, vol. 59(4), pages 1511-1552, 08.
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