Takeover Activity, Valuation Estimates and Merger Gains

Modern Empirical Developments

By

  • B. Espen Eckbo, Center for Corporate Governance Tuck School at Dartmouth, Hanover, NH, USA

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 Sources of 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.
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Audience

Graduate and post graduate students in Finance and Economics looking for an introduction to the empirical literature on corporate takeovers; Professors looking for a comprehensive way to teach students about contemporary trends by introducing them to key journal articles and book chapters

 

Book information

  • Published: March 2010
  • Imprint: ACADEMIC PRESS
  • ISBN: 978-0-12-381983-3


Table of Contents

Introduction to Corporate Takeovers: Modern Empirical Evidence

Corporate Takeovers

Econometrics of Event Studies

Self-Selection Models in Corporate Finance

Investigating the Economic Role of Mergers

Valuation Waves and Merger Activity: The Empirical Evidence

What Drives Merger Waves

Firm Size and the Gains from Acquisitions

Why do Private Acquirers Pay so Little Compared to Public

The Underpricing of Private Targets

Gains in Bank Mergers: Evidence from the Bond Markets

Do Tender Offers Create Value? New Methods and Evidence

Horizontal Mergers, Collusion, and Stockholder Wealth

Sources of Gains in Horizontal Mergers: Evidence from Customers, Supplier, and Rival Firms

Industry Structure and Horizontal Takeovers: Analysis of Wealth Effects on Rivals, Suppliers, and Corporate Customers

Abnormal Returns to Rivals of Acquisition Targets: A Test of the Acquisition Probability Hypothesis

Where do Merger Gains Come From? Bank Mergers from the Perspective of Insiders and Outsiders

Corporate Restructuring: Breakups and LBOs