Returns of Merger and Acquisition Activities in the Restaurant Industry

REFERENCES

• Ambrose , B. W. and Megginson , W. L. 1992 . The role of asset structure, ownership structure, and takeover defenses in determining acquisition likelihood . Journal of Financial and Quantitative Analysis , 27 ( 4 ) : 575 – 589 .
   Web of Science ®Google Scholar
• Amihud , Y. and Lev , B. 1981 . Risk reduction as managerial motive for conglomerate mergers . Bell Journal of Economics , 12 ( 2 ) : 605 – 617 .
   Google Scholar
• Berkovitch , E. and Khannna , N. 1990 . How target shareholders benefit from value reducing defensive strategies in takeovers . Journal of Finance , 45 ( 1 ) : 137 – 156 .
   Google Scholar
• Berkovitch , E. and Narayanan , M. P. 1993 . Motives for takeovers: An empirical investigation . Journal of Financial and Quantitative Analysis , 28 ( 3 ) : 347 – 362 .
   Web of Science ®Google Scholar
• Bradley , M. , Desai , A. and Kim , E. H. 1988 . Synergistic gains from corporate acquisitions and their division between the stockholders and target and acquiring firms . Journal of Financial Economics , 21 ( 1 ) : 3 – 40 .
   Web of Science ®Google Scholar
• Brown , S. J. and Warner , J. B. 1985 . Using daily stock returns: The case of event studies . Journal of Financial Economics , 14 : 3 – 31 .
   Web of Science ®Google Scholar
• Canina , L. 2001 . Good news for buyers and sellers: Acquisitions in the lodging industry . Cornell Hotel and Restaurant Administration Quarterly , 42 : 47 – 54 .
   Google Scholar
• Fishman , M. 1989 . Preemptive bidding and the role of the medium of exchange in acquisitions . Journal of Finance , 44 ( 1 ) : 41 – 57 .
   Web of Science ®Google Scholar
• Franks , J. R. , Harris , R. S. and Titman , S. 1991 . The postmerger share-price erformance of acquiring firms . Journal of Financial Economics , 29 ( 1 ) : 81 – 96 .
   Web of Science ®Google Scholar
• Gorton, G., Kahl, M., & Rosen, R. (2002). Eat or be eaten: A theory of mergers and merger waves. NBER Working Paper No. 11364. http://papers.nber.org/papers/w11364.pdf. (http://papers.nber.org/papers/w11364.pdf.) (Accessed: 1 September 2005 ).
   Google Scholar
• Gu , Z. 2002 . Analyzing bankruptcy in the restaurant industry: A multiple discriminant model . International Journal of Hospitality Management , 21 ( 1 ) : 25 – 42 .
   Google Scholar
• Halibozek , E. P. and Kovacich , G. L. 2005 . Mergers and acquisitions security: Corporate reorganizations and security management , Burlington, MA : Elsevier .
   Google Scholar
• Harford , J. 2005 . What drives merger waves? . Journal of Financial Economic , 77 ( 3 ) : 529 – 560 .
   Web of Science ®Google Scholar
• Hasbrouck , J. 1985 . The characteristics of takeover targets: q and other measures . Journal of Banking and Finance , 9 ( 3 ) : 351 – 362 .
   Google Scholar
• Jarrell , G. and Bradley , M. 1980 . The economic effects of federal and state regulations of cash tender offers . Journal of Law and Economics , 23 ( 2 ) : 371 – 407 .
   Google Scholar
• Jensen , M. 1986 . Agency cost of free cash flow, corporate finance, and takeovers . American Economic Review , 76 ( 2 ) : 323 – 329 .
   Web of Science ®Google Scholar
• Jensen , M. and Ruback , R. 1983 . The market for corporate control: The scientific evidence . Journal of Financial Economics , 11 ( 1–4 ) : 5 – 50 .
   Web of Science ®Google Scholar
• Kim , S. H. 2001 . An analysis of wealth effect to shareholders of the lodging industry in mergers and acquisitions , Las Vegas : Master's Theses, University of Nevada . UMI No. 1409035
   Google Scholar
• Lang , L. , Stultz , R. M. and Walkling , R. A. 1989 . Managerial performance, Tobin's Q, and the gains from successful tender offers . Journal of Financial Economics , 24 ( 1 ) : 137 – 154 .
   Web of Science ®Google Scholar
• Loughran , T. and Vijh , A. 1997 . Do long-term shareholders benefit from corporate acquisitions? . Journal of Finance , 52 ( 5 ) : 1765 – 1790 .
   Web of Science ®Google Scholar
• Moeller, S., Schlingemann, F., & Stulz, R. (2003). Do shareholders of acquiring firms gain from acquisitions? Dice Center Working Paper No. 2003-4. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=383560/ (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=383560/) (Accessed: 2 September 2005 ).
   Google Scholar
• Morck , R. , Shleifer , A. and Vishny , R. W. 1990 . Do managerial objectives drive bad acquisitions? . Journal of Finance , 45 ( 1 ) : 31 – 48 .
   Web of Science ®Google Scholar
• Mukherjee , T. K. , Kiymaz , H. and Baker , H. K. 2004 . Merger motives and target valuation: A survey of evidence from CFOs . Journal of Applied Finance , 14 ( 2 ) : 7 – 24 .
   Google Scholar
• National Restaurant Association. (2005). 2005 Restaurant industry forecast. http://www.restaurant.org/research/forecast.cfm (http://www.restaurant.org/research/forecast.cfm) (Accessed: 30 August 2005 ).
   Google Scholar
• Palepu , K. G. 1986 . Predicting takeover targets: A methodological and empirical analysis . Journal of Accounting and Economics , 8 ( 1 ) : 3 – 35 .
   Web of Science ®Google Scholar
• Pernsteiner , C. A. 2000 . Factors influencing the payment of premiums in hotel mergers and acquisitions 1995–1999 , Doctoral Dissertation, Nova Southeastern University . Retrieved from Pro Quest Dissertations and Theses database.
   Google Scholar
• Roll , R. 1986 . The hubris hypothesis of corporate takeovers . Journal of Business , 59 ( 2/2 ) : 197 – 216 .
   Google Scholar
• Schwartz, N.D. (1999, May). Still perking after all these years. Fortune. 203–207. http://money.cnn.com/magazines/fortune/fortune_archive/1999/05/24/260237/index.htm (http://money.cnn.com/magazines/fortune/fortune_archive/1999/05/24/260237/index.htm) (Accessed: 27 March 2006 ).
   Google Scholar
• Schwert , G. W. 1996 . Markup pricing in mergers and acquisitions . Journal of Financial Economics , 41 ( 2 ) : 153 – 192 .
   Web of Science ®Google Scholar
• Shleifer , A. and Vishny , R. W. 1986 . Greenmail, white knights, and shareholders' interest . Rand Journal of Economics , 17 ( 3 ) : 293 – 309 .
   Web of Science ®Google Scholar
• Shleifer , A. and Vishny , R. W. 1989 . Managerial entrenchment: The case of manager-specific investments . Journal of Financial Economics , 25 ( 1 ) : 123 – 139 .
   Web of Science ®Google Scholar
• Sullivan, M. J. (1989). Tax issues in mergers and acquisitions (Doctoral dissertation, Florida State University). Retrieved from Pro Quest Dissertations and Theses database.
   Google Scholar
• Weston , J. F. , Siu , J. A. and Johnson , B. A. 2001 . Takeovers, restructuring, & corporate governance , 3 rd , Upper Saddle River, New Jersey : Prentice Hall .
   Google Scholar
• Walkling , R. and Long , M. 1984 . Agency theory, managerial welfare, and takeover bid resistance . Rand Journal of Economics , 15 ( 1 ) : 54 – 68 .
   Google Scholar
• You , V. , Caves , R. , Smith , M. and Henry , J. 1986 . “ Mergers and bidders' wealth: Managerial and strategic factors ” . In The economics of strategic planning , Edited by: Thomas , L. G. III . 201 – 220 . Lexington, MA : Lexington Books .
   Google Scholar