Research Methods and Objectives in the Study of Mergers and Acquisitions

• Autorzy: Wojciech Grabowski
• Języki publikacji: EN

Abstrakty

EN

The extensive scale of M&A transactions in the past decades originated a significant body of academic and practitioner literature examining various aspects of the mechanisms of these transactions. The research methods employed mirrored to large extent those used to investigate problems in other areas of corporate finance. Some empirical facts were consistently established in large-sample empirical studies while the answers to several key questions remain elusive. This is not surprising. Mergers and acquisitions are among the most complex transactions undertaken by corporations and the nexus of agency problems, market and operating gains, shareholder interests, financing and timing issues and organizational effort involved is not easy to analyze. Several recent contributions to this research are reviewed briefly below. The survey is not intended to be comprehensive, but merely indicative of some research trends and methods. (fragment of text)

Słowa kluczowe

EN

Mergers and acquisitions; Literature review; Research methods

PL

Fuzje i przejęcia; Przegląd literatury; Metody badawcze

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2003
• Numer: nr 11
• Strony: 225--231

Twórcy

autor

Wojciech Grabowski

• University of Warsaw, Poland

Bibliografia

• Andrade, G., Mitchell, M., Stafford, E. 2001, New evidence and perspective on mergers, "Journal of Economic Perspectives", 15, 103-120.
• Healy, P., Palepu, K., Ruback, R. 1992 Do mergers improve corporate performance?, "Journal of Financial Economics", 31, 135-176.
• Kaplan, S. N. 2000. Introduction. In: Mergers and productivity, S. N. Kaplan (ed.), NBER Conference Report, The University of Chicago Press.
• Lambrecht, B. M. 2003. The timing and terms of mergers motivated by economies of scale. "Journal of Financial Economics", Forthcoming
• Mitchell, M., Mulherin, H. 1996, The impact of industry shocks on takeover and restructuring activity, "Journal of Financial Economics" 41, 193-229.
• Morellec, E. Zhdanov, A. 2003, A dynamic analysis of takeover deals with competition and imperfect information. Working paper, Simon School, University of Rochester
• Shleifer, A., Vishny, R.W. 2003, Stock market driven acquisitions, "Journal of Financial Economics", 70, 295-311
• Tufano, P., 2001. Introduction. HBS-JFE conference volume: complementary research methods. "Journal of Financial Economics", 60, 179-185.
• Weston, J. F., 2002. The Exxon-Mobil merger: an archetype. "Journal of Applied Finance", Vol. 12, No. 1 (Spring/Summer)