The Value Creation Potential of High-Tech Mergers

References

• Amihud, Yakov, Peter Dodd, and Mark Weinstein. 1986. “Conglomerate Mergers, Managerial Motives, and Stockholder Wealth.” Journal of Banking and Finance, vol. 10, no. 3 (October): 401–410.
   Web of Science ®Google Scholar
• Amihud, Yakov, Baruch Lev, and Nickolaos G. Travlos. 1990. “Corporate Control and the Choice of Investment Financing: The Case of Corporate Acquisitions.” Journal of Finance, vol. 45, no. 2 (June): 603–616.
   Web of Science ®Google Scholar
• Asquith, Paul, Robert F. Bruner, and David W. Mullins. 1983. “The Gains to Bidding Firms from Merger.” Journal of Financial Economics, vol. 11, no. 1 (April): 121–139.
   Google Scholar
• Berger, Philip G., and Eli Ofek. 1995. “Diversification's Effect on Firm Value.” Journal of Financial Economics, vol. 37, no. 1 (January): 39–65.
   Web of Science ®Google Scholar
• Berkovitch, Elazar, and M.P. Narayanan. 1990. “Competition and the Medium of Exchange in Takeovers.” Review of Financial Studies, vol. 3, no. 2 (Summer): 153–174.
   Web of Science ®Google Scholar
• Bessembinder, Hendrik, and Herbert M. Kaufman. 1998. “Trading Costs and Volatility for Technology Stocks.” Financial Analysts Journal, vol. 54, no. 5 (September/October): 64–71.
   Google Scholar
• Bradley, Michael, Anand Desai, and E. Han Kim. 1988. “Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms.” Journal of Financial Economics, vol. 21, no. 1 (May): 3–40.
   Web of Science ®Google Scholar
• Brickley, James A., Ronald C. Lease, and Clifford W. Smith. 1988. “Ownership Structure and Voting on Anti-Takeover Amendments.” Journal of Financial Economics, vol. 20, no. 1/2 (January/March): 267–291.
   Web of Science ®Google Scholar
• Brown, David T., and Michael D. Ryngaert. 1991. “The Mode of Acquisition in Takeovers: Taxes and Asymmetric Information.” Journal of Finance, vol. 46, no. 2 (June): 653–669.
   Web of Science ®Google Scholar
• Bruner, Robert F.. 1988. “The Use of Excess Cash and Debt Capacity as a Motive for Merger.” Journal of Financial and Quantitative Analysis, vol. 23, no. 2 (June): 199–217.
   Web of Science ®Google Scholar
• Chung, Kee H., and Stephen W. Pruitt. 1994. “A Simple Approximation of Tobin's q.” Financial Management, vol. 23, no. 3 (Autumn): 70–74.
   Web of Science ®Google Scholar
• Comment, Robert R., and Gregg A. Jarrell. 1995. “Corporate Focus and Stock Returns.” Journal of Financial Economics, vol. 37, no. 1 (January): 67–87.
   Web of Science ®Google Scholar
• Davis, Michael L.. 1990. “Differential Market Reaction to Pooling and Purchase Methods.” Accounting Review, vol. 65, no. 3 (July): 696–709.
   Web of Science ®Google Scholar
• Denis, David J., Diane K. Denis, and Atulya Sarin. 1997. “Agency Problems, Equity Ownership, and Corporate Diversification.” Journal of Finance, vol. 52, no. 1 (March): 135–160.
   Web of Science ®Google Scholar
• Duggal, Rakesh, and James A. Millar. 1999. “Institutional Ownership and Firm Performance: The Case of Bidder Returns.” Journal of Corporate Finance, vol. 5, no. 2 (June): 103–117.
   Google Scholar
• Fama, Eugene F., and Kenneth R. French. 1992. “The Cross-Section of Expected Stock Returns.” Journal of Finance, vol. 47, no. 2 (June): 427–465.
   Web of Science ®Google Scholar
• Fama, Eugene F., and Michael C. Jensen. 1983. “Separation of Ownership and Control.” Journal of Law & Economics, vol. 26, no. 2 (June): 327–349.
   Web of Science ®Google Scholar
• Han, Ki C.. 1998. “The Effect of Ownership Structure on Firm Performance: Additional Evidence.” Review of Financial Economics, vol. 7, no. 2 (Spring): 143–152.
   Google Scholar
• Hansen, Robert G., and John R. Lott. 1996. “Externalities and Corporate Objectives in a World with Diversified Shareholders/Consumers.” Journal of Financial and Quantitative Analysis, vol. 30, no. 1 (March): 43–68.
   Google Scholar
• Hansen, Robert S.. 1987. “A Theory for the Choice of Exchange Medium in Mergers and Acquisitions.” Journal of Business, vol. 60, no. 1 (January): 75–95.
   Web of Science ®Google Scholar
• Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. 1992. “Does Corporate Performance Improve after Mergers?” Journal of Financial Economics, vol. 31, no. 2 (April): 135–175.
   Web of Science ®Google Scholar
• Hong, Hai, Gershon Mandelker, and Robert S. Kaplan. 1978. “Pooling vs. Purchase: The Effects of Accounting for Mergers on Stock Prices.” Accounting Review, vol. 53, no. 1 (January): 31–47.
   Web of Science ®Google Scholar
• Huang, Yeng-Sheng, and Ralph A. Walkling. 1987. “Target Abnormal Returns Associated with Acquisition Announcements: Payment Method, Acquisition Form, and Managerial Resistance.” Journal of Financial Economics, vol. 19, no. 2 (December): 329–350.
   Web of Science ®Google Scholar
• Jarrell, Gregg A., and Annette B. Poulsen. 1987. “Shark Repellants and Stock Prices: The Effect of Antitakeover Amendments since 1980.” Journal of Financial Economics, vol. 19, no. 1 (September): 127–168.
   Google Scholar
• Jarrell, Gregg A., Ken Lehn, and Wayne Marr. 1985. Institutional Ownership, Tender Offers and Long-Term Investments. Washington, DC: Office of the Chief Economist, Securities and Exchange Commission.
   Google Scholar
• Jensen, Michael C., and William H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure.” Journal of Financial Economics, vol. 3, no. 4 (October): 305–360.
   Web of Science ®Google Scholar
• John, Kose, and Eli Ofek. 1995. “Asset Sales and Increase in Focus.” Journal of Financial Economics, vol. 37, no. 1 (January): 105–126.
   Web of Science ®Google Scholar
• Jung, Kooyul, Yong-Cheol Kim, and Rene M. Stulz. 1996. “Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision.” Journal of Financial Economics, vol. 42, no. 2 (October): 159–185.
   Web of Science ®Google Scholar
• Kaplan, Steven N.. 1989. “Campeau's Acquisition of Federated: Value Destroyed or Value Added?” Journal of Financial Economics, vol. 25, no. 2 (December): 191–212.
   Google Scholar
• Lang, Larry H.P., and Rene M. Stulz. 1994. “Tobin's q, Corporate Diversification, and Firm Performance.” Journal of Political Economy, vol. 102, no. 6 (December): 1248–80.
   Web of Science ®Google Scholar
• Lang, Larry H.P., Rene M. Stulz, and Ralph A. Walkling. 1991. “A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns.” Journal of Financial Economics, vol. 29, no. 2 (October): 315–336.
   Web of Science ®Google Scholar
• Martin, Kenneth . 1995. “The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership.” Journal of Finance, vol. 50, no. 4 (September): 1227–46.
   Google Scholar
• McConnell, John J., and Henry Servaes. 1990. “Additional Evidence on Equity Ownership and Corporate Value.” Journal of Financial Economics, vol. 27, no. 2 (October): 595–612.
   Web of Science ®Google Scholar
• Morck, Randall, Andrei Shleifer, and Robert W. Vishny. 1990. “Do Managerial Objectives Drive Bad Acquisitions?” Journal of Finance, vol. 45, no. 1 (March): 31–48.
   Web of Science ®Google Scholar
• Murphy, Austin, and Kevin Nathan. 1989. “An Analysis of Merger Financing.” Financial Review, vol. 24, no. 4 (November): 551–566.
   Google Scholar
• Pound, John . 1988. “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, vol. 20, no. 1/2 (January/March): 237–265.
   Google Scholar
• Servaes, Henry. 1991. “Tobin's q and the Gains from Takeovers.” Journal of Finance, vol. 46, no. 1 (March): 409–419.
   Web of Science ®Google Scholar
• Song, Moon H., and Ralph A. Walkling. 1993. “The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth.” Journal of Financial and Quantitative Analysis, vol. 28, no. 4 (December): 439–457.
   Web of Science ®Google Scholar
• Stulz, Rene M.. 1988. “Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control.” Journal of Financial Economics, vol. 20, no. 1/2 (January/March): 25–54.
   Web of Science ®Google Scholar
• Travlos, Nickolaos G.. 1987. “Corporate Takeover Bids, Methods of Payment and Bidding Firms' Stock Returns.” Journal of Finance, vol. 42, no. 4 (September): 943–964.
   Web of Science ®Google Scholar
• Wansley, James W., William R. Lane, and Ho C. Yang. 1983. “Abnormal Returns to Acquired Firms by Type of Acquisition and Method of Payment.” Financial Management, vol. 12, no. 3 (Autumn): 16–22.
   Web of Science ®Google Scholar
• Weston, J. Fred, Kwan S. Chung, and Juan A. Siu. 1998. Takeovers, Restructuring, and Corporate Governance2nd ed.Upper Saddle River, NJ: Prentice Hall.
   Google Scholar