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Takeover Activity, Valuation Estimates and Merger Gains - 1st Edition - ISBN: 9780123819833, 9780123847454

Takeover Activity, Valuation Estimates and Merger Gains

1st Edition

Modern Empirical Developments

Author: B. Espen Eckbo
Paperback ISBN: 9780123819833
eBook ISBN: 9780123847454
Imprint: Academic Press
Published Date: 8th March 2010
Page Count: 864
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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.

Key Features

  • 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
  • Readership

    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

    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


    No. of pages:
    © Academic Press 2010
    8th March 2010
    Academic Press
    Paperback ISBN:
    eBook ISBN:

    About the Author

    B. Espen Eckbo

    B. Espen Eckbo

    Professor B. Espen Eckbo holds the Tuck Centennial Chair in Finance. He is also Faculty Director of Tuck's Lindenauer Center for Corporate Governance, which he founded in 1999. He teaches advanced MBA courses in the areas of corporate finance, corporate takeovers and international corporate governance. Professor Eckbo, who received a PhD in financial economics from the University of Rochester in 1981, has published extensively in the top finance journals in the areas of corporate finance, investment banking, and the market for corporate control. He is a recipient of an honorary doctoral degree from the Norwegian School of Economics, the prestigious Batterymarch Fellowship, as well as several outstanding-paper awards. He is a research Associate of the European Corporate Governance Institute (ECGI), and a frequent keynote and invited seminar speaker. He was called in 2009 by the U.S. Congress to testify on issues concerning the government’s large equity ownership positions in companies rescued under the Troubled Asset Relief Program (TARP).

    Affiliations and Expertise

    Center for Corporate Governance, Tuck School of Business, Dartmouth College, Hanover, NH, USA

    Ratings and Reviews