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Tender offers and stockholder returns : An empirical analysis

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  1. Sorensen, Donald E., 2000. "Characteristics of merging firms," Journal of Economics and Business, Elsevier, vol. 52(5), pages 423-433.
  2. Valeriya Gladkikh & Aleksandr Alekseev, 2023. "Agent-Based Modeling of Construction Firms’ Organizational Behavior in Public Tenders," JRFM, MDPI, vol. 16(2), pages 1-19, February.
  3. Antonios Antoniou & Dimitris Petmezas & Huainan Zhao, 2007. "Bidder Gains and Losses of Firms Involved in Many Acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(7‐8), pages 1221-1244, September.
  4. Stewart Jones & David A. Hensher, 2007. "Evaluating the Behavioural Performance of Alternative Logit Models: An Application to Corporate Takeovers Research," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(7‐8), pages 1193-1220, September.
  5. Mueller, Dennis C., 1996. "Lessons from the United States's antitrust history," International Journal of Industrial Organization, Elsevier, vol. 14(4), pages 415-445, June.
  6. Cole, Rebel & Fatemi, Ali & Vu, Joseph, 2006. "Do mergers create or destroy value? Evidence from unsuccessful mergers," MPRA Paper 4717, University Library of Munich, Germany.
  7. Patricia Dechow, 1987. "The Share Market's Assessment of Initial Acquisitions by Seven Controversial Investors," Australian Journal of Management, Australian School of Business, vol. 12(1), pages 23-48, June.
  8. Slovin, Myron B. & Sushka, Marie E., 1998. "The economics of parent-subsidiary mergers:: an empirical analysis," Journal of Financial Economics, Elsevier, vol. 49(2), pages 255-279, August.
  9. Dennis Mueller, 1996. "Antimerger policy in the United States: History and lessons," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 23(3), pages 229-253, October.
  10. Willard McIntosh & Dennis T. Officer & Jeffrey A. Born, 1989. "The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 141-156.
  11. Adesoji Adelaja & Rodolfo Nayga & Zafar Farooq, 1999. "Predicting mergers and acquisitions in the food industry," Agribusiness, John Wiley & Sons, Ltd., vol. 15(1), pages 1-23.
  12. Khalil M. Torabzadeh & William J. Bertin, 1987. "Leveraged Buyouts And Shareholder Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 10(4), pages 313-319, December.
  13. Manuel Portugal Ferreira & Nuno R. Reis & Roberta M. Paula & Claudia Frias Pinto, 2017. "Structural and longitudinal analysis of the knowledge base on spin-off research," Scientometrics, Springer;Akadémiai Kiadó, vol. 112(1), pages 289-313, July.
  14. Molin, Johan, 1996. "Optimal deterrence and inducement of takeovers: An analysis of poison pills and dilution," SSE/EFI Working Paper Series in Economics and Finance 102, Stockholm School of Economics.
  15. Gene C. Lai & Keith M. Moore & Henry R. Oppenheimer, 2006. "Shall One Invest in Cancelled Targets after the Termination of Mergers and Acquisitions?," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 5(2), pages 93-110, August.
  16. João Paulo Braga & Luís M. Pereira Gomes, 2016. "The Impact of the Preliminary Announcement on the Abnormal Returns of the Companies Involved in Takeover Bids in the Portuguese Stock Market between 2000 and 2014," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 5(1), pages 39-65.
  17. Anand S. Desai & Roger D. Stover, 1985. "Bank Holding Company Acquisitions, Stockholder Returns, And Regulatory Uncertainty," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 8(2), pages 145-156, June.
  18. Amporn SOONGSWANG, 2012. "Do M&A Enhance Values? Mixed Methods And Evidence," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 7(3(21)/ Fa), pages 312-325.
  19. Hankir, Yassin & Rauch, Christian & Umber, Marc P., 2011. "Bank M&A: A market power story?," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2341-2354, September.
  20. Dimopoulos, Theodosios & Sacchetto, Stefano, 2014. "Preemptive bidding, target resistance, and takeover premiums," Journal of Financial Economics, Elsevier, vol. 114(3), pages 444-470.
  21. Chris Ratcliffe & Bill Dimovski & Monica Keneley, 2017. "The Performance of REIT Acquirers in the Post-Merger Period," ERES eres2017_43, European Real Estate Society (ERES).
  22. Malmendier, Ulrike & Opp, Marcus M. & Saidi, Farzad, 2016. "Target revaluation after failed takeover attempts: Cash versus stock," Journal of Financial Economics, Elsevier, vol. 119(1), pages 92-106.
  23. Elaine Hutson & Graham Partington, 1994. "Takeover Bids, Share Prices, and the Expected Value Hypothesis," Working Paper Series 36, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  24. De, Sankar & Fedenia, Mark & Triantis, Alexander J., 1996. "Effects of competition on bidder returns," Journal of Corporate Finance, Elsevier, vol. 2(3), pages 261-282, February.
  25. 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.
  26. Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Discussion Paper 2005-029, Tilburg University, Tilburg Law and Economic Center.
  27. Ghassen Allani, 2007. "Les entreprises cibles sont-elles sous-performantes avant l'OPA ?," Post-Print hal-04451829, HAL.
  28. Michael Theobald, 1985. "Exclusion period and market model parameter nonstationarities in price reaction studies," Contemporary Accounting Research, John Wiley & Sons, vol. 2(1), pages 1-22, September.
  29. Michael Theobald, 1985. "Période d'exclusion et paramètres non†stationnaires d'un modèle de marché dans des études de réactions des prix," Contemporary Accounting Research, John Wiley & Sons, vol. 2(1), pages 23-45, September.
  30. Ronan Powell & Sarah Prendergast & Ruchira Sharma, 2022. "The impact of economic nationalism in Europe on the returns to rivals of cross‐border M&A bids," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1784-1829, October.
  31. Mantecon, Tomas & Chatfield, Robert E., 2007. "An analysis of the disposition of assets in a joint venture," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2591-2611, September.
  32. Schwert, G. William, 1996. "Markup pricing in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 41(2), pages 153-192, June.
  33. Hutson, Elaine, 2000. "Takeover targets and the probability of bid success: Evidence from the Australian market," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 45-65, February.
  34. Sunghee Ahn & Youngsoon S. Cheon & Moonchul Kim, 2020. "Determinants of initial goodwill overstatement in affiliated and non‐affiliated mergers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 587-614, May.
  35. Dosoung Choi & George C. Philippatos, 1983. "An Examination Of Merger Synergism," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 6(3), pages 239-256, September.
  36. Fatemi, Ali M. & Fooladi, Iraj & Garehkoolchian, Niloofar, 2017. "Gains from mergers and acquisitions in Japan," Global Finance Journal, Elsevier, vol. 32(C), pages 166-178.
  37. Karyn L. Neuhauser & Wallace N. Davidson & John L. Glascock, 2011. "An analysis of failed takeover attempts and merger cancellations," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 7(4), pages 347-376, September.
  38. Matthew C. Clayton & Jay C. Hartzell & Joshua Rosenberg, 2005. "The Impact of CEO Turnover on Equity Volatility," The Journal of Business, University of Chicago Press, vol. 78(5), pages 1779-1808, September.
  39. Abhirup Chakrabarti & Will Mitchell, 2016. "The role of geographic distance in completing related acquisitions: Evidence from U.S. chemical manufacturers," Strategic Management Journal, Wiley Blackwell, vol. 37(4), pages 673-694, April.
  40. Richards, Timothy J. & Manfredo, Mark R., 2001. "Post Merger Performance of Agricultural Cooperatives," 2001 Annual meeting, August 5-8, Chicago, IL 20531, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  41. Constance Phélizon, 2001. "L'impact des offres publiques sur la richesse des actionnaires : une étude des anticipations des agents selon le motif de l'acquisition," Revue d'Économie Financière, Programme National Persée, vol. 61(1), pages 139-152.
  42. Mufaddal Baxamusa & Dobrina Georgieva, 2015. "Two-step acquisitions and liquidity spread," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(2), pages 262-287, April.
  43. Samta Jain & Smita Kashiramka & P. K. Jain, 2018. "Impact of Organizational Learning and Absorptive Capacity on the Abnormal Returns of Acquirers: Evidence from Cross-Border Acquisitions by Indian Companies," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 19(4), pages 289-303, December.
  44. Patricia Charlety-Lepers, 1990. "Les offres publiques d'achat et d'échange. Une synthèse de la littérature," Revue Économique, Programme National Persée, vol. 41(5), pages 869-894.
  45. Abdourahmane Diaw, 2011. "The effect of mergers and acquisitions on shareholder wealth: the case of European banks [L'effet des fusions et acquisitions sur la richesse des actionnaires: le cas des banques européennes]," Post-Print hal-01184673, HAL.
  46. Robert S. Harris & Julian Franks & Colin Mayer, 1987. "Means of Payment in Takeovers: Results for the U.K. and U.S," NBER Working Papers 2456, National Bureau of Economic Research, Inc.
  47. Richard S. Ruback, 1988. "Do Target Shareholders Lose in Unsuccessful Control Contests?," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 137-156, National Bureau of Economic Research, Inc.
  48. Mehmet Ali Köseoglu & John A. Parnell & Melissa Yan Yee Yick, 2021. "Identifying influential studies and maturity level in intellectual structure of fields: evidence from strategic management," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(2), pages 1271-1309, February.
  49. Firth, Michael, 1997. "Takeovers in New Zealand: Motives, stockholder returns, and executive share ownership," Pacific-Basin Finance Journal, Elsevier, vol. 5(4), pages 419-440, September.
  50. Daniel Martin Katz & Michael J Bommarito II & Tyler Soellinger & James Ming Chen, 2015. "Law on the Market? Abnormal Stock Returns and Supreme Court Decision-Making," Papers 1508.05751, arXiv.org, revised May 2017.
  51. Etienne Redor, 2016. "Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 789-821, December.
  52. Gerritsen, Dirk F. & Weitzel, Utz, 2017. "Security analyst target prices as reference point and takeover completion," Journal of Behavioral and Experimental Finance, Elsevier, vol. 15(C), pages 1-14.
  53. Samuel Mongrut & Mauricio Fuenzalida & Samuel Nash & Juan Tapia, 2006. "Tender Offers in South America: Do they Convey Good News to the Market?," Working Papers 06-04, Centro de Investigación, Universidad del Pacífico.
  54. Oh, Frederick Dongchuhl & Baek, Sangkyu, 2015. "Unique equilibrium in a model of takeovers involving block trades and tender offers," Finance Research Letters, Elsevier, vol. 15(C), pages 208-214.
  55. Harford, Jarrad & Stanfield, Jared & Zhang, Feng, 2019. "Do insiders time management buyouts and freezeouts to buy undervalued targets?," Journal of Financial Economics, Elsevier, vol. 131(1), pages 206-231.
  56. Kanungo, Rama Prasad, 2021. "Uncertainty of M&As under asymmetric estimation," Journal of Business Research, Elsevier, vol. 122(C), pages 774-793.
  57. 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.
  58. 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.
  59. Datta, Sudip & E. Iskandar-Datta, Mai, 1995. "Corporate partial acquisitions, total firm valuation and the effect of financing method," Journal of Banking & Finance, Elsevier, vol. 19(1), pages 97-115, April.
  60. Ulrike Malmendier & Enrico Moretti & Florian S Peters, 2018. "Winning by Losing: Evidence on the Long-run Effects of Mergers," The Review of Financial Studies, Society for Financial Studies, vol. 31(8), pages 3212-3264.
  61. Liang, Qing & Li, Zhaohua, 2022. "Debt enforcement and the cost of debt financing in M&As," Finance Research Letters, Elsevier, vol. 47(PA).
  62. Antonios Antoniou & Philippe Arbour & Huainan Zhao, 2008. "How Much Is Too Much: Are Merger Premiums Too High?," European Financial Management, European Financial Management Association, vol. 14(2), pages 268-287, March.
  63. Song, Xiaojing & Tippett, Mark & Vivian, Andrew, 2017. "Assessing abnormal returns: the case of Chinese M&A acquiring firms," Research in International Business and Finance, Elsevier, vol. 42(C), pages 191-207.
  64. Baixiao Liu, 2016. "The Disciplinary Role Of Failed Takeover Attempts," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(1), pages 63-85, March.
  65. John A. Doukas & Dimitris Petmezas, 2007. "Acquisitions, Overconfident Managers and Self‐attribution Bias," European Financial Management, European Financial Management Association, vol. 13(3), pages 531-577, June.
  66. Lynn Hodgkinson & Graham H. Partington, 2008. "The Motivation for Takeovers in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(1‐2), pages 102-126, January.
  67. Côme Segretain, 2005. "Typologie des déterminants des primes d’offres publiques et validation empirique à partir des notices d’opération," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 189-209.
  68. Piet Eichholtz & Nils Kok, 2008. "How Does the Market for Corporate Control Function for Property Companies?," The Journal of Real Estate Finance and Economics, Springer, vol. 36(2), pages 141-163, February.
  69. Parisi, Franco & Yanez, Guillermo, 2000. "The deal of the century in Chile Endesa Espana's takeover of Enersis," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 103-116, February.
  70. 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.
  71. Imdat Dogan, "undated". "Testing The Merger Premiums In Publicly Traded Firms: The Case Of U.S. Commercial Banks," Review of Socio - Economic Perspectives 201831, Reviewsep.
  72. 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.
  73. Chen, Fan & Ramaya, Krishnan & Wu, Wei, 2020. "The wealth effects of merger and acquisition announcements on bondholders: New evidence from the over-the-counter market," Journal of Economics and Business, Elsevier, vol. 107(C).
  74. Gleason, Kim & Johnston, Jarrod & Madura, Jeff, 2007. "Cause and effect of mini-tender offers," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(4), pages 521-534, September.
  75. 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.
  76. Bates, Thomas W. & Lemmon, Michael L. & Linck, James S., 2006. "Shareholder wealth effects and bid negotiation in freeze-out deals: Are minority shareholders left out in the cold?," Journal of Financial Economics, Elsevier, vol. 81(3), pages 681-708, September.
  77. Yue Liu, 2019. "Shareholder wealth effects of M&A withdrawals," Review of Quantitative Finance and Accounting, Springer, vol. 52(3), pages 681-716, April.
  78. Ali-Yrkkö, Jyrki, 2002. "Mergers and Acquisitions - Reasons and Results," Discussion Papers 792, The Research Institute of the Finnish Economy.
  79. Gary Whalen, 1985. "The impact of bank holding company consolidation: evidence from shareholder returns," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 2-10.
  80. Jorge Farinha & Francisco Miranda, 2003. "Run-up, toeholds, and agency effects in mergers and acquisitions: evidence from an emerging market," CEF.UP Working Papers 0311, Universidade do Porto, Faculdade de Economia do Porto.
  81. Chris Ratcliffe & Bill Dimovski & Monica Keneley & Tom Smith, 2017. "Long-Term post-merger announcement performance. A case study of Australian listed real estate," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(3), pages 855-877, September.
  82. Ozge Uyger & Gulser Meric & Ilhan Meric, 2014. "Market Reaction to Acquisition Announcements after the 2008 Stock Market Crash," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 8(4), pages 75-82.
  83. Raphael Amit & Joshua Livnat & Paul Zarowin, 1989. "A classification of mergers and acquisitions by motives: Analysis of market responses," Contemporary Accounting Research, John Wiley & Sons, vol. 6(1), pages 143-158, September.
  84. Benjamin Hippert, 2019. "The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes," Working Papers Dissertations 52, Paderborn University, Faculty of Business Administration and Economics.
  85. Kohli, Reena & Mann, Bikram Jit Singh, 2012. "Analyzing determinants of value creation in domestic and cross border acquisitions in India," International Business Review, Elsevier, vol. 21(6), pages 998-1016.
  86. Wei Shi & Yan Zhang & Robert E. Hoskisson, 2017. "Ripple Effects of CEO Awards: Investigating the Acquisition Activities of Superstar CEOs' Competitors," Strategic Management Journal, Wiley Blackwell, vol. 38(10), pages 2080-2102, October.
  87. Ferguson, Michael F, 1994. "Ownership Structure, Potential Competition, and the Free-Rider Problem in Tender Offers," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 10(1), pages 35-62, April.
  88. Sudarsanam, Sudi & Salami, Ayo & Alexandrou, George, 2002. "Rational expectations, analysts' forecasts of earnings and sources of value gains for takeover targets," Journal of Banking & Finance, Elsevier, vol. 26(1), pages 153-177, January.
  89. Paul M. Healy & Krishna G. Palepu & Richard C. Rubak, 1990. "Does Corporate Performance Improve After Mergers?," NBER Working Papers 3348, National Bureau of Economic Research, Inc.
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