Mergers and Efficiency: Changes Across Time / Edition 1

Mergers and Efficiency: Changes Across Time / Edition 1

by Susanne Trimbath
     
 

Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and

See more details below

Overview

Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and economic innovations that defined the last two decades of the 20th century. In addition, it is important to create a careful empirical understanding of the conditions under which merger activity increased or decreased firm efficiency, industrial productivity, and overall improvements in aggregate output and economic performance.

The first chapter examines the aggregate data set by modeling the determinants of the risk of takeover. Next, the author takes a closer look at possible heterogeneity among targets in takeovers. The second chapter analyzes the categories previously discussed in the literature, such as target resistance and management dismissals. Finally, the author examines what, if any, efficiency improvements were realized after the takeover. The third and final chapter examines the ex post performance of combined firms using fixed effects panel data models. These models have the advantage over the univariate methodologies or regressions used in earlier studies of being able to control for the prior performance of the firm.

Read More

Product Details

ISBN-13:
9781402070150
Publisher:
Springer US
Publication date:
07/01/2002
Series:
Milken Institute Series on Financial Innovation and Economic Growth, #3
Edition description:
2002
Pages:
312
Sales rank:
957,976
Product dimensions:
0.81(w) x 9.21(h) x 6.14(d)

Related Subjects

Table of Contents

Dedication. List of Tables. List of Figures. List of Appendices. Note from the Editor's. Acknowledgments. Preface. 1. Inefficiency as Determinant of the Risk of Takeover. 2. Heterogeneity in the Targets of Takeovers. 3. The Efficiency Effects of Takeovers. Appendices. Bibliography. Index.

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >