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Author: Wayne H. Mikkelson Publisher: ISBN: Category : Languages : en Pages :
Book Description
Among U.S. industrial companies that are not acquired we compare top management turnover between an active takeover period (1984-1988) and a less active period (1989-1993). For firms in the lowest quartile of performance, as measured by operating income scaled by assets, 33% subsequently experienced complete turnover of the holders of the top three offices in the active takeover period and 17% experienced complete turnover in the less active takeover period. A regression analysis that controls for various possible determinants of management turnover shows that turnover and performance are related only in the active takeover period. We conclude that managerial discipline is linked to takeover activity in the economy.
Author: Wayne H. Mikkelson Publisher: ISBN: Category : Languages : en Pages :
Book Description
Among U.S. industrial companies that are not acquired we compare top management turnover between an active takeover period (1984-1988) and a less active period (1989-1993). For firms in the lowest quartile of performance, as measured by operating income scaled by assets, 33% subsequently experienced complete turnover of the holders of the top three offices in the active takeover period and 17% experienced complete turnover in the less active takeover period. A regression analysis that controls for various possible determinants of management turnover shows that turnover and performance are related only in the active takeover period. We conclude that managerial discipline is linked to takeover activity in the economy.
Author: Timothy A. Kruse Publisher: ISBN: Category : Languages : en Pages : 43
Book Description
We examine the incidence of managerial control-reducing disciplinary events (e.g. takeovers, board dismissals, and shareholder activism) and corporate restructuring among firms experiencing a large decline in operating performance during an active takeover period (1985-1988) and a less active period (1989-1992). We document a significant decline in the disciplinary events from the active to the less active period that is driven by a significant decline in disciplinary takeovers (i.e. those takeovers that result in a top executive change). Following the performance decline, however, there is a substantial amount of corporate restructuring (e.g. asset sales, cost-cutting efforts, layoffs) and a significant improvement in operating performance during both the active and the less active takeover period. We conclude that, although some managerial disciplinary events are related to overall takeover activity, the decline in takeover activity has not precluded performance-enhancing resturcturings following performance declines.
Author: Ralph M. Scholten Publisher: ISBN: Category : Languages : en Pages : 45
Book Description
This paper focuses on the relative importance of board monitoring and the hostile takeover market in disciplining managers that make poor acquisition decisions. Contrary to Mitchell and Lehn (1990), there is little evidence that takeovers that are poorly received by capital markets result in a firm becoming the target of a hostile takeover. A forced turnover of a top executive is more likely, however, the more negative is the abnormal return associated with an acquisition announcement. The relationship between forced turnover and negative acquisition returns is stronger during periods of less intense hostile takeover activity. Hence, it appears that being disciplined for making a poor acquisition is more a function of internal discipline than the workings of the takeover market.
Author: Patrick A. Gaughan Publisher: John Wiley & Sons ISBN: 1119063361 Category : Business & Economics Languages : en Pages : 688
Book Description
The comprehensive guide to mergers, acquisitions, and corporate restructurings Mergers, Acquisitions, and Corporate Restructurings is an all-inclusive guide to M&As that illustrates how restructuring can be used successfully, how each form works, and the laws that govern them. This updated edition includes the latest statistics, research, graphs, and case studies on the private equity market, ethics, legal frameworks, and corporate governance, presented in a more approachable, manageable way. Written from a practical and historical perspective, this book carefully analyzes the strategies and motives that inspire M&As, the legalities involved each step of the way, and the offensive and defensive techniques used during hostile acquisitions. Corporate restructurings are indispensable in building a new generation of re-engineered companies with the power and resources to compete on the global playing field. This book covers the full spectrum of transactions, from megadeals to downsizing, and takes a fresh look at restructuring and how it is being used to revitalize and supercharge companies. Learn how corporate restructuring helps companies compete Discover the common impetus behind M&As Understand the laws and rules that govern the field Examine more effective strategies for hostile acquisitions The slowdown in the world's economy means that mergers and corporate restructuring will likely increase. It is essential for students and professionals to fully understand the concepts and mechanics behind these transactions, and Mergers, Acquisitions, and Corporate Restructurings is the comprehensive guide to the field.
Author: Mason Andrew Carpenter Publisher: Edward Elgar Publishing ISBN: 0857933205 Category : Business & Economics Languages : en Pages : 457
Book Description
This Handbook presents original research and theory on executives, top management teams, and boards of directors and illustrates the vital importance of this field of study. Top management teams are responsible for the strategic choices and major decisions in organizations. These organizations are a reflection of the members that make up their strategic management. The roles top management play and the impact they have are clearly visible in firms around the world, both large and small. The international group of authors that comprise this volume address questions central to the field of strategy and strategic leadership. They review the determinants of top management team composition, their social networks, and executive dismissal; the psychological and personality profiles of top executives; the methodologies relevant to the study of top teams; and the roles of top executives in cross business unit collaboration, competitive behavior, and strategic entrepreneurship. Each chapter presents path-breaking research and provides a roadmap for new research avenues and agendas. Professors, students and researchers in the area of strategy, management and strategic leadership will find this book an invaluable resource.
Author: A. Mitchell Polinsky Publisher: Elsevier ISBN: 0444531203 Category : Droit Languages : en Pages : 981
Book Description
"Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. This two volume Handbook is intended to foster the study of the legal system by economists. The two volumes form a comprehensive and accessible survey of the current state of the field. Chapters prepared by leading specialists of the area. Summarizes received results as well as new developments."--[Source inconnue].
Author: Bjørn Espen Eckbo Publisher: Academic Press ISBN: 0123847451 Category : Business & Economics Languages : en Pages : 863
Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. - Provides a status report about modern scientific evidence on corporate takeovers - Exposes students to new methods and empirical evidence while reading high quality primary material - Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: Bjørn Espen Eckbo Publisher: Academic Press ISBN: 0123846900 Category : Business & Economics Languages : en Pages : 1088
Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner's curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. - Provides a status report about modern scientific evidence on corporate takeovers - Exposes students to new methods and empirical evidence while reading high quality primary material - Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: Wayne H. Mikkelson
Author: Wayne H. Mikkelson
Author: Timothy A. Kruse
Author: Walter Novaes
Author: Ralph M. Scholten
Author: Wakter Novaes
Author: Patrick A. Gaughan
Author: Mason Andrew Carpenter
Author: A. Mitchell Polinsky
Author: Bjørn Espen Eckbo
Author: Bjørn Espen Eckbo