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Mergers and Acquisitions
Gili Yen
Reading List
February, 2003
I、M&A’s : An Overview
1.Tom Copeland, Tim Koller, and Jack Murrin(1995), “Mergers, Acquisition, and Joint Ventures,” Valuation Ch. 14, John Wiley and Sons, pp.408-445.
2.(1)Andy Cosh and Alan Hughes (1998),”Introduction,” Takeovers I, II andⅢ, The International Library of Management, Ashgate Publishing Limited, the United Kingdom.
(2) Michael C. Jensen and Richard S. Ruback (1983), “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics, Vol.11, pp.5-50. (The Section on the Merger-related Issues Only.)
3. George P. Baker (1992),”Beatrice: A Study in the Creation and Destruction of Value,” Journal of Finance, XLVII, pp.1081-119.
II、General Topics
A. Wealth Changes
1.Michael C. Jensen and Richard S. Ruback (1983), “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics, Vol.11, pp.5-50.
2.Gregg A. Jarrell, James A. Brickley and Jeffrey M. Netter (1988), ”The Market for Corporate Control: The Empirical Evidence Since 1980,” Journal of Economic Perspectives, Vol.2, no.1, Winter, pp.49-68.
3.Gregor Andrade, Mark Mitchell, and Erik Stafford (2001), ”New Evidence and Perspectives on Mergers,” Journal of Economic Perspectives, Vol.15, no.2, Spring, pp.103-120.
B.Acquisition Likelihood
1.Kun-Ming Chen and Gili Yen (1996), “On the Determinants of Merger in the Manufacturing Sector: Japan versus The United States,” Advances in Pacific Basin Business, Economics, and Finance, Vol.2, pp.285-320.
2.Brent W. Ambrose and William L. Megginson (1992), “The Role of Asset Structure, Ownership Structure, and Takeover Deffenses in Determining Acquisition Likelihood,” Journal of Financial and Quantitative Analysis, 27, pp.575-89.
C.Means of Payment
1. Julian R. Franks, Robert S. Harris and Colin Mayer (1988), “Means of Payments inTakeovers: Results for the United Kingdom and the United States,” in A. J. Auerbach (ed.), Corporate Takeovers: Causes and Consequences, The National Bureau of Economic Research, Chicago: The University of Chicago press, pp.221-63.
2. Eckbo and Langohr (1989), “Information Disclosure, Method of Payment, and Takeover Premiums: Public and Private Tender Offers in Finance,” Journal of Financial Economics, 24, pp.363-403.
D.Sources of Wealth Gain/Wealth Gain Distribution
1. Michael Bradley, Anand Desai, and E. Han Kim (1983),”The Rationale Behind Interfirm Tender Offers: Information or Synergy,” Journal of Financial Economics, Vol. 11, pp.183-206.
2. B, Espen Eckob (1983), “Mergers and the Market Concentration Doctrine: Evidence from the Capital Market,” Journal of Business, 58, pp.325-49.
3. Rene M. Stultz, Ralph A. Walkling, and Moon H. Song (1990), “The Distrubution of Target Ownership and the Division of Gains in Successful Takeovers,” Journal of Finance, XLV, pp.817-833.
E.Post-merger Performance
1. Anup Agrawal, Jeffrey F. Jaffe and Gershon N. Mandelker (1992), “The Post-Merger Performance of Acquiring Firms: A Re-examination of An Anomaly,” Journal of Finance, XLVII, pp.1605-21.
2. Paul M. Healy, Krishna G. Palepu and Richard S. Ruback (1992), “Does Corporate Performance Improve after Mergers,” Journal of Financial Economics, 33, pp.135-75.
3. Ellen B. Magenheim and Dennis C. Mueller(1988), “Are Acquiring-Firm Shareholders Better Off After an Acquisition? ” in John C. Coffee et. al(eds), Kinghts, Raiders and Targets, New York: Oxford University Press. pp.171-193.
III. Special Topics
A.Managerial Motive
1.Randall Morck, Andrei Shleifer and Robert W. Vishny(1990), “Do Managerial Objectives Drive Bad Acquisitions? “ Journal of Finance,pp.31-48.
2.(a)Gili Yen (1987),”Merger Proposals, Managerial Discretion, and Magnitude of Shareholders’ Wealth Gains,” Journal of Economics and Business, 39, pp.251-266.
(b)Gili Yen (1989),”Is Managerial Resistance ‘Strategic’ or ‘Self-serving’ – A Case Study of Merger Proposals,” Advances in Financial Planning and Forecasting, Supplement I, pp |
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