Mergers, sell-offs, and economic efficiency
Author: Ravenscraft, David J. ; Scherer, F. M.Publisher: Brookings Institution, 1987Language: EnglishDescription: 290 p. : Graphs ; 23 cm.ISBN: 0815773471Type of document: BookBibliography/Index: Includes bibliographical references and index
| Item type | Current location | Collection | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|---|
|
Europe Campus Main Collection |
HD2746.5 .R38 1987
(Browse shelf) 32419001294439 |
Available | 32419001294439 | |||
|
|
Middle East Campus Main Collection |
HD2746.5 .R38 1987
(Browse shelf) 500006052 |
Available | 500006052 |
Includes bibliographical references and index
Digitized
Mergers, Sell-Offs, and
Economic Efficiency
Contents
1. Introduction1
The Rationale of Mergers 2 Research Methodology 17
Plan of the Book 18
2. The Contours of Merger Activity Since 195020
Merger Trends in Manufacturing and Mineral Industries 20
The Sample Companies and Their Diversification 24
The Conglomerates 36
The Structural Correlates of Merger Activity 45
Conclusion 54
3. The Profitability of Acquired Companies56
Prior Research 56
New York Stock Exchange Listing Application Evidence 58
Further Evidence 64
Summary 73
4. Post-Merger Financial Performance75
The Line of Business Merger Data Link 75
Asset Values and the Choice of Accounting Method 78 Sample Composition 82
Variables and Model Specification 83
The Cross-Sectional Results 85
Matched Pre- Versus Post-Merger Analysis III Merged Unit Growth 117
Expenditures on Research and Development 119 Conclusion 122
5. The Economics of Sell-Off: Case Study Evidence123
Methodology 123
The Sample 127
The Reasons for Merger 129 What Went Wrong? 132
The Sell-Off Decision 144
Developments after Sell-Off 149
Conclusion 157
6. The Economics of Sell-Off: Statistical Evidence159
The Frequency of Sell-Off 159
The Determinants of Sell-Off 166
Pre-Divestiture Investment Behavior 187 Conclusion 190
7. Pulling the Threads Together192
The Efficiency Consequences 192
Were Mergers Profitable for the Acquirers? 204 Merger Performance and Merger Motives 210
8. Broader Implications216
The Importance of Understanding 216
Is History Irrelevant? 218
The Policy Instruments 221
Appendixes
A. Predicting the Merger Accounting Method 229
B. Narrative Summary of the Case Studies 239
C. Mnemonics Used in the Principal Statistical Analyses 280
Index285
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