About the Book
This authoritative book features previously published articles which describe, analyse and empirically explore corporate restructurings. Restructurings include corporate combinations that come about through mergers, tender offers, and joint ventures. They also include various forms of corporate split-ups that come about by means of asset sales, spin-offs, equity carve-out, and distressed restructurings. This two-volume set should be of interest to managers of large corporations and financial institutions, investment and commercial bankers, and scholars with an interest in corporate finance and strategy. 43 articles, dating from 1965 to 2004
Table of Contents:
Contents:
Volume I
Acknowledgements
Foreword Richard Roll
Introduction John J. McConnell and David J. Denis
PART I CORPORATE COMBINATIONS
A Mergers and Tender Offers: Motives
1. Henry G. Manne (1965), ‘Mergers and the Market for Corporate Control’
2. Michael Bradley, Anand Desai and E. Han Kim (1988), ‘Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms’
3. Michael C. Jensen (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’
4. Richard Roll (1986), ‘The Hubris Hypothesis of Corporate Takeovers’
5. Andrei Shleifer and Robert W. Vishny (2003), ‘Stock Market Driven Acquisitions’
6. E. Han Kim and Vijay Singal (1993), ‘Mergers and Market Power: Evidence from the Airline Industry’
7. Diane Kowalski Denis (1994), ‘Evidence on the Effects of Hostile and Friendly Tender Offers on Employment’
B Mergers and Tender Offers: Sources of Gains and Losses
8. John D. Leeth and J. Rody Borg (2000), ‘The Impact of Takeovers on Shareholder Wealth during the 1920s Merger Wave’
9. John G. Matsusaka (1993), ‘Takeover Motives During the Conglomerate Merger Wave’
10. Gregg A. Jarrell, James A. Brickley and Jeffry M. Netter (1988), ‘The Market for Corporate Control: The Empirical Evidence Since 1980’
11. Gregor Andrade and Erik Stafford (2004), ‘Investigating the Economic Role of Mergers’
12. Paul M. Healey, Krishna G. Palepu and Richard S. Ruback (1992), ‘Does Corporate Performance Improve After Mergers?’
13. P. Raghavendra Rau and Theo Vermaelen (1998), ‘Glamour, Value and the Post-acquisition Performance of Acquiring Firms’
14. Kathryn L. Dewenter (1995), ‘Does the Market React Differently to Domestic and Foreign Takeover Announcements? Evidence from the U.S. Chemical and Retail Industries’
15. Randall Morck, Andrei Shleifer and Robert W. Vishny (1990), ‘Do Managerial Objectives Drive Bad Acquisitions?’
16. Julian Franks and Colin Mayer (1996), ‘Hostile Takeovers and the Correction of Managerial Failure’
17. Philip G. Berger and Eli Ofek (1996), ‘Bustup Takeovers of Value-Destroying Diversified Firms’
C Joint Ventures
18. John J. McConnell and Timothy J. Nantell (1985), ‘Corporate Combinations and Common Stock Returns: The Case of Joint Ventures’
19. Myron B. Slovin and Marie E. Sushka (1998), ‘The Economics of Parent-subsidiary Mergers: An Empirical Analysis’
PART II BUYOUTS
20. Harry DeAngelo, Linda DeAngelo and Edward M. Rice (1984), ‘Going Private: Minority Freezeouts and Stockholder Wealth’
21. Steven Kaplan (1989), ‘The Effects of Management Buyouts on Operating Performance and Value’
22. Tim Opler and Sheridan Titman (1993), ‘The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs’
23. Susan Chaplinsky, Greg Niehaus and Linda Van de Gucht (1998), ‘Employee Buyouts: Causes, Structure, and Consequences’
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I ASSET RESTRUCTURINGS
A Defensive Restructurings
1. L.Y. Dann and H. DeAngelo (1988), ‘Corporate Financial Policy and Corporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure’
2. David J. Denis and Diane K. Denis (1993), ‘Managerial Discretion, Organizational Structure, and Corporate Performance: A Study of Leveraged Recapitalizations’
3. Laura Casares Field and Jonathan M. Karpoff (2002), ‘Takeover Defenses of IPO Firms’
B Internal Asset Restructurings
4. Jeffrey W. Allen, Scott L. Lummer, John J. McConnell and Debra K. Reed (1995), ‘Can Takeover Losses Explain Spin-Off Gains?’
5. Robert Comment and Gregg A. Jarrell (1995), ‘Corporate Focus and Stock Returns’
6. Philip G. Berger and Eli Ofek (1999), ‘Causes and Effects of Corporate Refocusing Programs’
7. Frederik P. Schlingemann, René M. Stulz and Ralph A. Walkling (2002), ‘Divestitures and the Liquidity of the Market for Corporate Assets’
8. Lane Daley, Vikas Mehrotra and Ranjini Sivakumar (1997), ‘Corporate Focus and Value Creation: Evidence from Spinoffs’
9. Robert Gertner, Eric Powers and David Scharfstein (2002), ‘Learning about Internal Capital Markets from Corporate Spin-offs’
10. Anand M. Vijh (2002), ‘The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains?’
11. Gayle R. Erwin and John J. McConnell (1997), ‘To Live or Let Die? An Empirical Analysis of Piecemeal Voluntary Corporate Liquidations’
12. J. Harold Mulherin and Audra L. Boone (2000), ‘Comparing Acquisitions and Divestitures’
13. Vojislav Maksimovic and Gordon Phillips (2001), ‘The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?’
PART II DISTRESSED RESTRUCTURINGS
14. Stuart C. Gilson, Kose John and Larry H.P. Lang (1990), ‘Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default’
15. Jun-Koo Kang and Anil Shivdasani (1997), ‘Corporate Restructuring During Performance Declines in Japan’
16. David J. Denis and Timothy A. Kruse (2000), ‘Managerial Discipline and Corporate Restructuring Following Performance Declines’
17. Vojislav Maksimovic and Gordon Phillips (1998), ‘Asset Efficiency and Reallocation Decisions of Bankrupt Firms’
18. Karin S. Thorburn (2000), ‘Bankruptcy Auctions: Costs, Debt Recovery, and Firm Survival’
19. Todd C. Pulvino (1999), ‘Effects of Bankruptcy Court Protection on Asset Sales’
20. Allan C. Eberhart, Edward I. Altman and Reena Aggarwal (1999), ‘The Equity Performance of Firms Emerging from Bankruptcy’
Name Index
About the Author :
Edited by John J. McConnell, Emanuel T. Weiler Distinguished Professor of Management (Finance) and David J. Denis, Roger Ahlbrandt Sr. Chair in Finance, University of Pittsburgh, US
