摘要:

AbstractThis paper reports the results of research aimed at exploring why some takeover bids give rise to merger while other do not and, using as a basis of comparison matched samples of actual and abandoned mergers, the performance effects of mergers. In this work, 50 cases of abandoned mergers occurring between 1965 and 1975 were analysed against a matched sample of 50 actual mergers. In addition, 33 cases of contested bids were also analysed. Variables used reflected managerial, shareholder and financial strength considerations. Analysis covered a period three years before to three years after each bid. Techniques of analysis were differences of means and discriminant analysis. The results show that there are important differences between target companies that are acquired and those that successfully resist takeover bids. They also show the influence of managerial and financial variables as the key to a successful takeover bid rather than variables reflecting shareholder interests. Analysis of the effects of the outcome of the bids suggests that companies involved in abandoned mergers recorded a stronger performance over the subsequent 1–3 years than those that made acquisitions, especially where shareholder and financial considerations are concerned. Target companies that resisted takeover bids showed a significant performance improvemen

ISSN:0143-6570    

DOI:10.1002/mde.4090090101

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper finds a relationship between management compensation and corporate control consistent with the hypothesis that in closely held companies major shareholders engage in monitoring activities that reduce the residual loss portion of agency costs. This result is incosistent with Fama's (1980) suggestion that the wage determination process in managerial labor markets may resolve the agency problem.

ISSN:0143-6570    

DOI:10.1002/mde.4090090102

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis study presents and examines new evidence on the relationship between financial structure and ownership in New and Veteran Public firms (sometimes known as unseasoned or seasoned firms, respectively). The major findings are: (1) the cost of capital and the cost of equity increased with financial leverage, but at a different magnitude in new and veteran public firms reflecting different risk conceptions; and (2) management and administration costs for new public firms are indicated to be higher than for veteran public firms. Reasons for and implications of these findings are subsequently discussed.

ISSN:0143-6570    

DOI:10.1002/mde.4090090103

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper questions the conclusion of Kojima and Ozawa (1984) that the overseas activities of Japanese General Trading Companies are best explained by Japanese‐type theories of the multinational enterprise. Such investments appear amenable to inclusion within the prevailing micro‐economic paradigm when due consideration is given to the existence of ownership‐specific advantages and economic incentives to federated business relationships. The inadequacies of the Kojima/Ozawa treatment stem from reliance on a deficient theoretical base, selective description of the characteristics of trading companies and superficial treatment of the modern theory of the multinational enterprise. The reinterpretation offered casts doubts on the proferred welfare effects of this type of inves

ISSN:0143-6570    

DOI:10.1002/mde.4090090104

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090090105

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractEarlier papers reach conflicting conclusions about the effect of concentration in the US brewing industry. This paper argues that stock market data on a more recent set of events, the intense merger activity of 1981–2, can help to resolve these differences. The results indicate that mergers between brewers, excluding the two industry leaders (Anheuser‐Busch and Miller Brewing), enhance industry performance by enabling smaller brewers to exploit the scale economies enjoyed by the large o

ISSN:0143-6570    

DOI:10.1002/mde.4090090106

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractSome recent empirical studies that have estimated the social cost of monopoly power have included in these estimates observed monopoly rents as a proxy for the unobserved value of the resources expended by rent seekers. This has involved adding these estimates of resources wasted by rent seekers to estimates of deadweight welfare loss triangles so as to produce an overall estimate of the social cost of monopoly. The present paper points out that each firm seeking a monopoly rent flow not only may be uncertain about obtaining the flow but also aboutretainingit in future periods. It is shown that this is likely to cause the proportion of the rent flow converted into social cost to be well below 100% regardless of whether the rent sought is small relative to initial wealth and regardless of whether rent seekers are risk‐neutral or risk‐averse. These findings demonstrate that large errors are likely to be made in monopoly welfare loss studies if observed monopoly rents continue to be employed as a measure of the value of resources used in rent‐seeking activ

ISSN:0143-6570    

DOI:10.1002/mde.4090090107

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThe paper examines the effect of electric utility growth on the marginal returns to investment. Despite the presence of regulatory lag between rises in construction costs and public utility rates, cross‐section analysis showed a positive effect of investment on the ratio of market to book value of equity. This result, it is shown, stems from a feedback mechanism from financial markets to regulatory commission behavior. The statistical analysis is carried out with a sample of sixty companies in the period 1961

ISSN:0143-6570    

DOI:10.1002/mde.4090090108

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis comment corrects three typographical errors contained in Achouret al.(1984). It also takes issue with their use and interpretation of multivariate tests in the context of a bivariate null hypothesis.

ISSN:0143-6570    

DOI:10.1002/mde.4090090109

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractMicroeconomic texts discuss alterations in industry demand curves as movements to higher or lower levels. Consider, instead, the implications for a monopolist's profit of rotating its (linear) demand curve. Where this can be done without cost by pivoting at the current price it will be profitable to continue to pivot the curve until it is horizontal or vertical. The possibility of rotating the demand curve of a ‘new’ product on an arbitrarily selected price allows us to consider the optimality of different advertising strategies (‘bandwagon’ or

ISSN:0143-6570    

DOI:10.1002/mde.4090090110

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY