IDEAS home Printed from https://ideas.repec.org/r/bla/jfinan/v54y1999i3p1131-1152.html
   My bibliography  Save this item

A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as


Cited by:

  1. Charles A. Brown & Chris R. McNeil, 2008. "Internal capital market subsidies and industry downturns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(3), pages 337-361, September.
  2. Huck, Steffen & Knoblauch, Vicki & Muller, Wieland, 2003. "On the profitability of collusion in location games," Journal of Urban Economics, Elsevier, vol. 54(3), pages 499-510, November.
  3. Maximilian Sturm & Stephan Nüesch, 2019. "Strong shareholder rights, internal capital allocation efficiency, and the moderating role of market competition and external financing needs," Review of Managerial Science, Springer, vol. 13(1), pages 93-111, February.
  4. Randall Morck, 2011. "Finance and Governance in Developing Economies," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 375-406, December.
  5. Hoechle, Daniel & Schmid, Markus & Walter, Ingo & Yermack, David, 2012. "How much of the diversification discount can be explained by poor corporate governance?," Journal of Financial Economics, Elsevier, vol. 103(1), pages 41-60.
  6. Peter G. Klein & Robert Wuebker, 2020. "Corporate diversification and innovation: Managerial myopia or inefficient internal capital markets?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(8), pages 1403-1416, December.
  7. McNeil, Chris R. & Moore, William T., 2005. "Dismantling internal capital markets via spinoff: effects on capital allocation efficiency and firm valuation," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 253-275, March.
  8. Rohan Williamson & Jie Yang, 2018. "Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions," Finance and Economics Discussion Series 2018-053, Board of Governors of the Federal Reserve System (U.S.).
  9. Pavel Sevcik, 2015. "Financial Frictions, Internal Capital Markets, and the Organization of Production," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 505-522, July.
  10. Zhang, Eden Quxian, 2022. "Why are distressed firms acquisitive?," Journal of Corporate Finance, Elsevier, vol. 72(C).
  11. Hovakimian, Gayané, 2011. "Financial constraints and investment efficiency: Internal capital allocation across the business cycle," Journal of Financial Intermediation, Elsevier, vol. 20(2), pages 264-283, April.
  12. Mark Holder & Aiwu Zhao, 2015. "Value exploration and materialization in diversification strategies," Review of Quantitative Finance and Accounting, Springer, vol. 45(1), pages 175-213, July.
  13. Ly, Kim Cuong & Liu, Hong & Opong, Kwaku, 2017. "Who acquires whom among stand-alone commercial banks and bank holding company affiliates?," International Review of Financial Analysis, Elsevier, vol. 54(C), pages 144-158.
  14. Heechul Min & Wook Sohn, 2008. "Closing inefficient affiliates: evidence from Korean conglomerates," Applied Financial Economics, Taylor & Francis Journals, vol. 18(16), pages 1351-1361.
  15. 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.
  16. Richard Borghesi & Joel Houston & Andy Naranjo, 2007. "Value, Survival, and the Evolution of Firm Organizational Structure," Financial Management, Financial Management Association International, vol. 36(3), pages 5-31, September.
  17. Huck, Steffen & Konrad, Kai A. & Müller, Wieland, 2001. "Profitable horizontal mergers without cost advantages: The role of internal organization, information, and market structure," Discussion Papers, various Research Units FS IV 01-05, WZB Berlin Social Science Center.
  18. Dyaran Bansraj & Han Smit & Vadym Volosovych, 2020. "Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies," Tinbergen Institute Discussion Papers 20-041/IV, Tinbergen Institute.
  19. Shih-Chu Chou & Ramachandran Natarajan & Kenneth Zheng, 2022. "Conglomerate internal informational advantage and resource allocation efficiency," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 717-748, August.
  20. Patrick Bielstein & Mario Fischer & Christoph Kaserer, 2018. "The cost of capital effect of M&A transactions: Disentangling coinsurance from the diversification discount," European Financial Management, European Financial Management Association, vol. 24(4), pages 650-679, September.
  21. Ross Levine & Chen Lin & Zigan Wang, 2020. "Bank Networks and Acquisitions," Management Science, INFORMS, vol. 66(11), pages 5216-5241, November.
  22. Chen, I-Ju, 2014. "Financial crisis and the dynamics of corporate governance: Evidence from Taiwan's listed firms," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 3-28.
  23. Rolf Bühner & Patrick Stiller & Anja Tuschke, 2004. "Legitimität und Innovation," Schmalenbach Journal of Business Research, Springer, vol. 56(8), pages 715-736, December.
  24. Bruyland, Evy & Lasfer, Meziane & De Maeseneire, Wouter & Song, Wei, 2019. "The performance of acquisitions by high default risk bidders," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 37-58.
  25. Venkat Kuppuswamy & Belén Villalonga, 2016. "Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis," Management Science, INFORMS, vol. 62(4), pages 905-923, April.
  26. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2001. "The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and Other East Asian Economies," WIDER Working Paper Series DP2001-127, World Institute for Development Economic Research (UNU-WIDER).
  27. Huck, Steffen & Konrad, Kai A. & Müller, Wieland, 2000. "Profitable horizontal mergers: A market structure-oriented view," SFB 373 Discussion Papers 2000,27, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  28. Boone, J., 2006. "Firms Merge in Response to Constraints," Discussion Paper 2006-60, Tilburg University, Center for Economic Research.
  29. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2012. "Corporate Diversification and Firm Value: A Survey of Recent Literature," Cologne Graduate School Working Paper Series 03-01, Cologne Graduate School in Management, Economics and Social Sciences.
  30. Maryjane R. Rabier, 2017. "Acquisition Motives and the Distribution of Acquisition Performance," Strategic Management Journal, Wiley Blackwell, vol. 38(13), pages 2666-2681, December.
  31. Koethenbuerger, Marko & Stimmelmayr, Michael, 2016. "Taxing multinationals in the presence of internal capital markets," Journal of Public Economics, Elsevier, vol. 138(C), pages 58-71.
  32. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  33. Carola Frydman, 2019. "Rising Through the Ranks: The Evolution of the Market for Corporate Executives, 1936–2003," Management Science, INFORMS, vol. 65(11), pages 4951-4979, November.
  34. Joshua Porter & Harminder Singh, 2010. "What Factors Drive Takeovers in Australia?," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 9(2), pages 87-103, August.
  35. Williamson, Rohan & Yang, Jie, 2021. "Tapping into financial synergies: Alleviating financial constraints through acquisitions," Journal of Corporate Finance, Elsevier, vol. 68(C).
  36. Devos, Erik & Li, He, 2021. "Vertical integration to mitigate internal capital market inefficiencies," Journal of Corporate Finance, Elsevier, vol. 69(C).
  37. Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Discussion Paper 2005-029, Tilburg University, Tilburg Law and Economic Center.
  38. DeLong, Gayle L., 2001. "Stockholder gains from focusing versus diversifying bank mergers," Journal of Financial Economics, Elsevier, vol. 59(2), pages 221-252, February.
  39. Murray, Benjamin & Svec, Jiri & Wright, Danika, 2017. "Wealth transfer, signaling and leverage in M&A," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 203-212.
  40. Shams, Syed M.M. & Gunasekarage, Abeyratna & Colombage, Sisira R.N., 2013. "Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 89-108.
  41. Joshua D. Shackman, 2007. "Corporate diversification, vertical integration, and internal capital markets: A cross-country study," Management International Review, Springer, vol. 47(4), pages 479-504, October.
  42. Andrew von Nordenflycht, 2011. "Firm Size and Industry Structure Under Human Capital Intensity: Insights from the Evolution of the Global Advertising Industry," Organization Science, INFORMS, vol. 22(1), pages 141-157, February.
  43. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Other publications TiSEM 531d24e9-4f1e-4df3-80db-d, Tilburg University, School of Economics and Management.
  44. Thapa, Chandra & Rao, Sandeep & Farag, Hisham & Koirala, Santosh, 2020. "Access to internal capital, creditor rights and corporate borrowing: Does group affiliation matter?," Journal of Corporate Finance, Elsevier, vol. 62(C).
  45. Boone, J., 2006. "Firms Merge in Response to Constraints," Other publications TiSEM 758c347a-a2e4-4438-b365-7, Tilburg University, School of Economics and Management.
  46. Al-Khasawneh, Jamal Ali & Essaddam, Naceur, 2012. "Market reaction to the merger announcements of US banks: A non-parametric X-efficiency framework," Global Finance Journal, Elsevier, vol. 23(3), pages 167-183.
  47. Hovakimian, Gayané, 2016. "Excess value and restructurings by diversified firms," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 1-19.
  48. Akdoğu, Evrim & Paukowits, Aysun Alp & Celikyurt, Ugur, 2023. "Bondholder governance, takeover likelihood, and division of gains," Journal of Corporate Finance, Elsevier, vol. 79(C).
  49. 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.
  50. Heejung Choi & Jungwon Suh, 2023. "The role of parent firms in business groups’ internal capital markets," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 820-857, March.
  51. Khatami, Seyed Hossein & Marchica, Maria-Teresa & Mura, Roberto, 2015. "Corporate acquisitions and financial constraints," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 107-121.
  52. Richards, Timothy J. & Manfredo, Mark R., 2003. "Cooperative Mergers and Acquisitions: The Role of Capital Constraints," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(1), pages 1-17, April.
  53. Gautier, Axel & Heider, Florian, 2002. "The Benefit and Cost of Winner Picking: Redistribution Vs Incentives," Bonn Econ Discussion Papers 31/2002, University of Bonn, Bonn Graduate School of Economics (BGSE).
  54. Fang (Helga) He & Feng-Shun (Leo) Bin & Dar-Hsin Chen, 2008. "Cross-Border M&A: Cultural Disparities and the Associated Wealth Effects," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 7(2), pages 89-100, August.
  55. Elif Akben Selcuk & Halil Kiymaz, 2015. "The Impact Of Diversifying Acquisitions On Shareholder Wealth: Evidence From Turkish Acquirers," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 9(3), pages 19-32.
  56. Denis Schweizer & Ge Wu, 2021. "Law Firm expertise and shareholder wealth," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 30(4), pages 129-163, November.
  57. Qiming Li & Wenhuan Wang & Yiping Lou & Ke Cheng & Xiaoguang Yang, 2016. "Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies," Sustainability, MDPI, vol. 8(10), pages 1-17, September.
  58. Zhang, Chi & Kandilov, Ivan T. & Walker, Mark D., 2021. "Direct flights and cross-border mergers & acquisitions," Journal of Corporate Finance, Elsevier, vol. 70(C).
  59. Marc Rustige & Michael H. Grote, 2009. "Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen," Schmalenbach Journal of Business Research, Springer, vol. 61(5), pages 470-498, August.
  60. Farzamfar, Arshia & Foroughi, Pouyan & Hamisheh Bahar, Hosein & Ng, Lilian, 2024. "Illuminating the murk: The effect of business complexity on voluntary disclosure," Journal of Corporate Finance, Elsevier, vol. 87(C).
  61. Andrey Golubov & Dimitris Petmezas & Nickolaos G. Travlos, 2013. "Empirical mergers and acquisitions research: a review of methods, evidence and managerial implications," Chapters, in: Adrian R. Bell & Chris Brooks & Marcel Prokopczuk (ed.), Handbook of Research Methods and Applications in Empirical Finance, chapter 12, pages 287-313, Edward Elgar Publishing.
  62. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
  63. Billett, Matthew T. & Mauer, David C., 2000. "Diversification and the value of internal capital markets: The case of tracking stock," Journal of Banking & Finance, Elsevier, vol. 24(9), pages 1457-1490, September.
  64. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
  65. José Méndez-Naya, 2018. "Mergin Firms' Strategies and the Merger Paradox [Estratégias de Empresas Fundidas e o Paradoxo das Fusões]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 28(3), pages 1001-1015, September.
  66. Chindasombatcharoen, Pongsapak & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit, 2023. "Corporate culture, cultural diversification, and independent directors: Evidence from earnings conference calls," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
  67. Martin, John D. & Sayrak, Akin, 2003. "Corporate diversification and shareholder value: a survey of recent literature," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 37-57, January.
  68. Vijay Gondhalekar & Yatin Bhagwat, 2003. "Motives in the Acquisitions of NASDAQ Targets during the Aftermath of the 1987 Crash," The Financial Review, Eastern Finance Association, vol. 38(4), pages 553-569, November.
  69. Kruse, Timothy A. & Park, Hun Y. & Park, Kwangwoo & Suzuki, Kazunori, 2007. "Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation," Pacific-Basin Finance Journal, Elsevier, vol. 15(2), pages 154-172, April.
  70. Matsusaka, John G. & Nanda, Vikram, 2002. "Internal Capital Markets and Corporate Refocusing," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 176-211, April.
  71. Lin, Chen & Su, Dongwei, 2008. "Industrial diversification, partial privatization and firm valuation: Evidence from publicly listed firms in China," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 405-417, September.
  72. Ross Levine & Chen Lin & Zigan Wang, 2017. "Acquiring Banking Networks," NBER Working Papers 23469, National Bureau of Economic Research, Inc.
  73. An Yan, 2006. "Value of Conglomerates and Capital Market Conditions," Financial Management, Financial Management Association International, vol. 35(4), pages 5-30, December.
IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.