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Citations for "Do Managerial Objectives Drive Bad Acquisitions?"

by Randall Morck & Andrei Shleifer & Robert W. Vishny

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  1. Richard J. Rosen, 2004. "Betcha can’t acquire just one: merger programs and compensation," Working Paper Series WP-04-22, Federal Reserve Bank of Chicago.
  2. Sercu, Piet & Van Hulle, Cynthia, 1995. "Financing instruments, security design, and the efficiency of takeovers: A note," International Review of Law and Economics, Elsevier, vol. 15(4), pages 373-393, December.
  3. Vermaelen, Theo & Xu, Moqi, 2014. "Acquisition finance and market timing," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 73-91.
  4. Alexander Brüggen & Jens Zehnder, 2014. "SG&A cost stickiness and equity-based executive compensation: does empire building matter?," Mathematical Methods of Operations Research, Springer, vol. 25(3), pages 169-192, December.
  5. Owen, Sian & Yawson, Alfred, 2006. "Domestic or international: Divestitures in Australian multinational corporations," Global Finance Journal, Elsevier, vol. 17(2), pages 282-293, December.
  6. Frank R. Lichtenberg, 1990. "Industrial De-Diversification and its Consequences for Productivity," NBER Working Papers 3231, National Bureau of Economic Research, Inc.
  7. Benjamin E. Hermalin & Michael L. Katz, 2000. "Corporate Diversification and Agency," Finance 9912001, EconWPA.
  8. Malmendier, Ulrike M. & Tate, Geoffrey, 2003. "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction," Research Papers 1798, Stanford University, Graduate School of Business.
  9. Moshfique Uddin & Agyenim Boateng, 2009. "An analysis of short-run performance of cross-border mergers and acquisitions: Evidence from the UK acquiring firms," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 431-453, November.
  10. Gordon M. Phillips & Alexei Zhdanov, 2013. "R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, Society for Financial Studies, vol. 26(1), pages 34-78.
  11. Steven Kaplan & Michael S. Weisbach, 1990. "The Success of Acquisitions: Evidence From Disvestitures," NBER Working Papers 3484, National Bureau of Economic Research, Inc.
  12. Lee Biggerstaff & David C. Cicero & Andy Puckett, 2013. "Unethical Culture, Suspect CEOs and Corporate Misbehavior," NBER Working Papers 19261, National Bureau of Economic Research, Inc.
  13. Fich, Eliezer M. & Starks, Laura T. & Yore, Adam S., 2014. "CEO deal-making activities and compensation," Journal of Financial Economics, Elsevier, vol. 114(3), pages 471-492.
  14. Owen Lamont & Christopher Polk, 2000. "Does Diversification Destroy Value? Evidence From Industry Shocks," NBER Working Papers 7803, National Bureau of Economic Research, Inc.
  15. Dirk Jenter & Katharina Lewellen, 2011. "CEO Preferences and Acquisitions," CESifo Working Paper Series 3681, CESifo Group Munich.
  16. Krüger, Philipp & Landier, Augustin & Thesmar, David, 2011. "The WACC Fallacy: The Real Effects of Using a Unique Discount Rate," TSE Working Papers 11-222, Toulouse School of Economics (TSE).
  17. Singhal, Rajeev & Zhu, Yun (Ellen), 2013. "Bankruptcy risk, costs and corporate diversification," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1475-1489.
  18. Jeremy C. Stein, 1995. "Internal Capital Markets and the Competition for Corporate Resources," NBER Working Papers 5101, National Bureau of Economic Research, Inc.
  19. Banerjee, Pradip & Banerjee, Prithviraj & De, Soumen & Jindra, Jan & Mukhopadhyay, Jayanta, 2014. "Acquisition pricing in India during 1995–2011: Have Indian acquirers really beaten the odds?," Journal of Banking & Finance, Elsevier, vol. 38(C), pages 14-30.
  20. Gary Gorton & Matthias Kahl & Richard Rosen, 2005. "Eat or Be Eaten: A Theory of Mergers and Merger Waves," NBER Working Papers 11364, National Bureau of Economic Research, Inc.
  21. repec:dgr:uvatin:2011101 is not listed on IDEAS
  22. Carola Frydman & Dirk Jenter, 2010. "CEO Compensation," Annual Review of Financial Economics, Annual Reviews, vol. 2(1), pages 75-102, December.
  23. Eckert, Stefan & Dittfeld, Marcus & Muche, Thomas & Rässler, Susanne, 2010. "Does multinationality lead to value enhancement? An empirical examination of publicly listed corporations from Germany," International Business Review, Elsevier, vol. 19(6), pages 562-574, December.
  24. Lili Qiu, 2004. "Which Institutional Investors Monitor? Evidence from Acquisition Activity," Working Papers 2004-21, Brown University, Department of Economics.
  25. Robert Campbell & Chinmoy Ghosh & Milena Petrova & C. Sirmans, 2011. "Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 42(4), pages 451-480, May.
  26. Kim, Dong-Kyoon, 2004. "The incentive effects of executive stock options: evidence from international acquisitions," Journal of Multinational Financial Management, Elsevier, vol. 14(2), pages 187-200, April.
  27. Moeller, Sara B. & Schilngemann, Frederik P. & Stulz, Rene M., 2004. "Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?," Working Paper Series 2004-19, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  28. Yeh, Tsung-ming & Hoshino, Yasuo, 2002. "Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers," Japan and the World Economy, Elsevier, vol. 14(3), pages 347-366, August.
  29. Acharya, Viral V. & Amihud, Yakov & Litov, Lubomir, 2011. "Creditor rights and corporate risk-taking," Journal of Financial Economics, Elsevier, vol. 102(1), pages 150-166, October.
  30. Chen, Sheng-Syan & Ho, Kim Wai, 2000. "Corporate diversification, ownership structure, and firm value: The Singapore evidence," International Review of Financial Analysis, Elsevier, vol. 9(3), pages 315-326.
  31. Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," Journal of Finance, American Finance Association, vol. 55(1), pages 35-80, 02.
  32. Martynova, M., 2006. "The market for corporate control and corporate governance regulation in Europe," Other publications TiSEM 8651e281-4914-41f2-ac14-1, Tilburg University, School of Economics and Management.
  33. Basu, Nilanjan & Dimitrova, Lora & Paeglis, Imants, 2009. "Family control and dilution in mergers," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 829-841, May.
  34. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
  35. Laeven, Luc & Levine, Ross, 2005. "Is There a Diversification Discount in Financial Conglomerates?," CEPR Discussion Papers 5121, C.E.P.R. Discussion Papers.
  36. Aswath Damodaran & Kose John & Crocker H. Liu, 1999. "What Motivates Managers? Evidence from Organizational Form Changes," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-079, New York University, Leonard N. Stern School of Business-.
  37. Alexandre, Hervé & Paquerot, Mathieu, 2000. "Efficacité des structures de contrôle et enracinement des dirigeants," Economics Papers from University Paris Dauphine 123456789/6186, Paris Dauphine University.
  38. Malcolm Baker & Joshua Coval & Jeremy C. Stein, 2004. "Corporate Financing Decisions When Investors Take the Path of Least Resistance," NBER Working Papers 10998, National Bureau of Economic Research, Inc.
  39. Schön, Benjamin & Pyka, Andreas, 2013. "The success factors of technology-sourcing through mergers & acquisitions: An intuitive meta-analysis," FZID Discussion Papers 78-2013, University of Hohenheim, Center for Research on Innovation and Services (FZID).
  40. Duchin, Ran & Schmidt, Breno, 2013. "Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions," Journal of Financial Economics, Elsevier, vol. 107(1), pages 69-88.
  41. M. Àngels Oliva & Luis Rivera-Bátiz, 1997. "A model of conglomeration and synergy traps," Economics Working Papers 232, Department of Economics and Business, Universitat Pompeu Fabra.
  42. Richard J. Rosen, 2006. "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements," The Journal of Business, University of Chicago Press, vol. 79(2), pages 987-1017, March.
  43. Taher Hamza, 2011. "Determinants of short-term value creation for the bidder: evidence from France," Journal of Management and Governance, Springer, vol. 15(2), pages 157-186, May.
  44. Shelton, Lois M., 2000. "Merger market dynamics: insights into the behavior of target and bidder firms," Journal of Economic Behavior & Organization, Elsevier, vol. 41(4), pages 363-383, April.
  45. Bebchuk, Lucian A. & Cremers, K.J. Martijn & Peyer, Urs C., 2011. "The CEO pay slice," Journal of Financial Economics, Elsevier, vol. 102(1), pages 199-221, October.
  46. Díaz Díaz, Belén & Sanfilippo Azofra, Sergio & López Gutiérrez, Carlos, 2013. "Synergies or overpayment in European corporate M&A," MPRA Paper 51070, University Library of Munich, Germany.
  47. Höpner, Martin, 2001. "Corporate governance in transition: Ten empirical findings on shareholder value and industrial relations in Germany," MPIfG Discussion Paper 01/5, Max Planck Institute for the Study of Societies.
  48. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2011. "Cross-border Mergers and Acquisitions in different legal environments," International Review of Law and Economics, Elsevier, vol. 31(3), pages 169-187, September.
  49. Cao, Jack & Owen, Sian & Yawson, Alfred, 2008. "Analysing the wealth effects of UK divestitures: An examination of domestic and international sales," Research in International Business and Finance, Elsevier, vol. 22(1), pages 68-84, January.
  50. Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," NBER Working Papers 15042, National Bureau of Economic Research, Inc.
  51. HOSONO Kaoru & TAKIZAWA Miho & TSURU Kotaro, 2009. "Mergers, Innovation, and Productivity: Evidence from Japanese manufacturing firms," Discussion papers 09017, Research Institute of Economy, Trade and Industry (RIETI).
  52. Bliss, Richard T. & Rosen, Richard J., 2001. "CEO compensation and bank mergers," Journal of Financial Economics, Elsevier, vol. 61(1), pages 107-138, July.
  53. Ely, David P. & Song, Moon H., 2000. "Acquisition activity of large depository institutions in the 1990s:: An empirical analysis of motives," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(4), pages 467-484.
  54. Gao, Ning, 2015. "The motives of cash reserve and bidder cash reserve effects," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 73-88.
  55. Davila, Antonio & Peñalva, Fernando, 2004. "Corporate governance and the weighting of performance measures in CEO compensation," IESE Research Papers D/556, IESE Business School.
  56. Canina, Linda & Carvell, Steven A. & Ma, Qingzhong & Ukhov, Andrey D., 2013. "Business cycle and asset valuation in the gaming industry," Journal of Business Research, Elsevier, vol. 66(9), pages 1689-1695.
  57. Jianfeng Wu & Dean Xu & Phillip Phan, 2011. "The effects of ownership concentration and corporate debt on corporate divestitures in Chinese listed firms," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 95-114, March.
  58. Maksimovic, Vojislav & Phillips, Gordon & Prabhala, N.R., 2011. "Post-merger restructuring and the boundaries of the firm," Journal of Financial Economics, Elsevier, vol. 102(2), pages 317-343.
  59. repec:dgr:uvatin:20110101 is not listed on IDEAS
  60. Timothy B. Folta & Jonathan P. O'Brien, 2008. "Determinants of firm-specific thresholds in acquisition decisions," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(2-3), pages 209-225.
  61. Jory, Surendranath R. & Madura, Jeff & Ngo, Thanh N., 2012. "Deal structure decision in the global market for divested assets," International Review of Financial Analysis, Elsevier, vol. 24(C), pages 104-116.
  62. Bhagat, Sanjai & Malhotra, Shavin & Zhu, PengCheng, 2011. "Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants," Emerging Markets Review, Elsevier, vol. 12(3), pages 250-271, September.
  63. Christian Espinosa & Juan Gorigoitía, 2012. "Stability of sovereign risk in the Eurozone through the Lyapunov Exponent," Working Papers 36, Facultad de Economía y Empresa, Universidad Diego Portales.
  64. Boubakri, Narjess & Chan, Andrew & Kooli, Maher, 2012. "Are the busiest really the best? Further evidence from frequent acquirers," Journal of Multinational Financial Management, Elsevier, vol. 22(1), pages 1-23.
  65. Ferreira, Manuel Portugal & Santos, João Carvalho & de Almeida, Martinho Isnard Ribeiro & Reis, Nuno Rosa, 2014. "Mergers & acquisitions research: A bibliometric study of top strategy and international business journals, 1980–2010," Journal of Business Research, Elsevier, vol. 67(12), pages 2550-2558.
  66. Ulrike Malmendier & Enrico Moretti & Florian S. Peters, 2012. "Winning by Losing: Evidence on the Long-Run Effects of Mergers," NBER Working Papers 18024, National Bureau of Economic Research, Inc.
  67. Frédéric Perdreau, 2001. "Diversification de l'entreprise, risque et aversion au risque des dirigeants : L'hypothèse d'Amihud et Lev (1981) revisitée," Post-Print halshs-00522642, HAL.
  68. Walters, Bruce A. & Kroll, Mark J. & Wright, Peter, 2007. "CEO tenure, boards of directors, and acquisition performance," Journal of Business Research, Elsevier, vol. 60(4), pages 331-338, April.
  69. Bodnar, G.M. & Tang, C. & Weintrop, J., 1998. "Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification," Weiss Center Working Papers 98-02, Wharton School - Weiss Center for International Financial Research.
  70. Inès Bouden & Luc Paugam & Olivier Ramond, 2011. "Les déterminants de la dépréciation du goodwill : proposition d'un cadre d'analyse," Post-Print hal-00646810, HAL.
  71. Hamish Anderson & Ben Marshall, 2007. "Takeover motives in a weak regulatory environment surrounding a market shock: a case study of New Zealand with a comparison of Gondhalekar and Bhagwat’s (2003) US findings," Review of Quantitative Finance and Accounting, Springer, vol. 29(1), pages 53-67, July.
  72. Baker, Malcolm & Pan, Xin & Wurgler, Jeffrey, 2012. "The effect of reference point prices on mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 106(1), pages 49-71.
  73. Frederik P. Schlingemann & Rene M. Stulz & Ralph A. Walkling, 1999. "Corporate Focusing and Internal Capital Markets," NBER Working Papers 7175, National Bureau of Economic Research, Inc.
  74. MING DONG & David Hirshleifer & SCOTT RICHARSON & Siew Hong Teoh, 2004. "Does Investor Misvaluation Drive the Takeover Market?," Finance 0412002, EconWPA.
  75. He, Jinyu & Mahoney, Joseph T., 2006. "Firm Capability, Corporate Governance, and Firm Competitive Behavior: A Multi-theoretic Framework," Working Papers 06-0103, University of Illinois at Urbana-Champaign, College of Business.
  76. Mantell, Edmund H., 1998. "The effect on firm output after its acquisition by a pure conglomerate," Journal of Economic Behavior & Organization, Elsevier, vol. 36(4), pages 487-501, September.
  77. Szu-Wen Chou, 2002. "Flattened Resource Allocation, Hierarch Design and the Boundaries of the Firm," Levine's Working Paper Archive 618897000000000056, David K. Levine.
  78. Lily Qiu, 2004. "Which Institutional Investors Monitor? Evidence from Acquisition Activity," Yale School of Management Working Papers amz2497, Yale School of Management, revised 01 Jun 2006.
  79. Churyk, Natalie Tatiana, 2005. "Reporting goodwill: are the new accounting standards consistent with market valuations?," Journal of Business Research, Elsevier, vol. 58(10), pages 1353-1361, October.
  80. Simon Gilchrist & Charles P. Himmelberg & Gur Huberman, 2004. "Do Stock Price Bubbles Influence Corporate Investment?," NBER Working Papers 10537, National Bureau of Economic Research, Inc.
  81. Steven N. Kaplan & Mark L. Mitchell & Karen H. Wruck, 1997. "A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organizational Design, Incentives, and Internal Capital Markets," CRSP working papers 450, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  82. Louis, Henock, 2004. "Earnings management and the market performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 74(1), pages 121-148, October.
  83. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "Corporate Restructuring and Bondholder Wealth," Discussion Paper 2006-23, Tilburg University, Center for Economic Research.
  84. Beneish, Messod D. & Jansen, Ivo Ph. & Lewis, Melissa F. & Stuart, Nathan V., 2008. "Diversification to mitigate expropriation in the tobacco industry," Journal of Financial Economics, Elsevier, vol. 89(1), pages 136-157, July.
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  86. Steve Wood, 2002. "The Limits to Portfolio Restructuring: Lessons from Regional Consolidation in the US Department Store Industry," Regional Studies, Taylor & Francis Journals, vol. 36(5), pages 515-529.
  87. Carline, Nicholas F. & Linn, Scott C. & Yadav, Pradeep K., 2009. "Operating performance changes associated with corporate mergers and the role of corporate governance," CFR Working Papers 04-08, University of Cologne, Centre for Financial Research (CFR).
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  89. Scott Fung & Hoje Jo & Shih-Chuan Tsai, 2009. "Agency problems in stock market-driven acquisitions," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 388 - 430, November.
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