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Mergers and acquisitions as a response to the deregulation of the electric power industry: value creation or value destruction?

Author

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  • John Becker-Blease

    ()

  • Lawrence Goldberg
  • Fred Kaen

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Abstract

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Suggested Citation

  • John Becker-Blease & Lawrence Goldberg & Fred Kaen, 2008. "Mergers and acquisitions as a response to the deregulation of the electric power industry: value creation or value destruction?," Journal of Regulatory Economics, Springer, vol. 33(1), pages 21-53, February.
  • Handle: RePEc:kap:regeco:v:33:y:2008:i:1:p:21-53
    DOI: 10.1007/s11149-007-9047-7
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    References listed on IDEAS

    as
    1. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, vol. 6(2), pages 117-139, July.
    2. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1990. " Do Managerial Objectives Drive Bad Acquisitions?," Journal of Finance, American Finance Association, vol. 45(1), pages 31-48, March.
    3. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    5. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-1366, September.
    6. Mitchell, Mark L. & Mulherin, J. Harold, 1996. "The impact of industry shocks on takeover and restructuring activity," Journal of Financial Economics, Elsevier, vol. 41(2), pages 193-229, June.
    7. Schwert, G. William, 1996. "Markup pricing in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 41(2), pages 153-192, June.
    8. Anderson, James Earl, 1999. "Making Operational Sense of Mergers and Acquisitions," The Electricity Journal, Elsevier, vol. 12(7), pages 49-59, August.
    9. 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.
    10. Delmas, Magali & Tokat, Yesim, 2003. "Deregulation Process, Governance Structures and Efficiency: The U.S. Electric Utility Sector," Research Papers 1790, Stanford University, Graduate School of Business.
    11. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
    12. Leggio, Karyl B & Lien, Donald, 2000. "Mergers in the Electric Utility Industry in a Deregulatory Environment," Journal of Regulatory Economics, Springer, vol. 17(1), pages 69-85, January.
    13. Dennis, Debra K. & McConnell, John J., 1986. "Corporate mergers and security returns," Journal of Financial Economics, Elsevier, vol. 16(2), pages 143-187, June.
    14. Moeller, Sara B. & Schlingemann, Frederik P. & Stulz, Rene M., 2004. "Firm size and the gains from acquisitions," Journal of Financial Economics, Elsevier, vol. 73(2), pages 201-228, August.
    15. Asquith, Paul & Bruner, Robert F. & Mullins, David Jr., 1983. "The gains to bidding firms from merger," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 121-139, April.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ovtchinnikov, Alexei V., 2013. "Merger waves following industry deregulation," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 51-76.
    2. repec:eee:enepol:v:107:y:2017:i:c:p:258-277 is not listed on IDEAS
    3. Kwoka, John & Pollitt, Michael, 2010. "Do mergers improve efficiency? Evidence from restructuring the US electric power sector," International Journal of Industrial Organization, Elsevier, vol. 28(6), pages 645-656, November.
    4. Pasrun Adam & Usman Rianse & Edi Cahyono & Manat Rahim, 2015. "Modeling of the Dynamics Relationship between World Crude Oil Prices and the Stock Market in Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 5(2), pages 550-557.
    5. Eric L. Prentis, 2015. "Evidence on U.S. Electricity Prices: Regulated Utility vs. Restructured States," International Journal of Energy Economics and Policy, Econjournals, vol. 5(1), pages 253-262.
    6. Ralph Sonenshine, 2016. "Effect of Utility Deregulation and Mergers on Consumer Welfare," Working Papers 2016-08, American University, Department of Economics.
    7. Ayşe Yüce, 2016. "Mergers and Acquisitions by Emerging Country Multinational Companies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(7), pages 416-424, July.
    8. Stephen Fyfe & Mark Garner & George Vegh, 2013. "Mergers by Choice, Not Edict: Reforming Ontario's Electricity Distribution Policy," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 376, March.
    9. Evgenii Monastyrenko, 2016. "Cross-Border M&As and Eco-Environmental Performance of European Energy Utilities," FIW Working Paper series 169, FIW.
    10. repec:oup:rcorpf:v:6:y:2017:i:2:p:174-233. is not listed on IDEAS

    More about this item

    Keywords

    Deregulation; Electric utilities; Mergers and acquisitions; G34; G38; L9;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L9 - Industrial Organization - - Industry Studies: Transportation and Utilities

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