Evaluating Merger Performance

Halpern P. J. , “Empirical Estimates of the Amount and Distribution of Gains to Companies in Mergers,” Journal of Business (October 1973).

Malatesta D. H. , “The Wealth Effect of Merger Activity and the Objective Functions of Merging Firms,” Graduate School of Business Administration, University of Washington, March 1982.

Asquith P. , “Mergers Bids, Uncertainty, and Stockholders Returns,” Journal Of Financial Economics (April 1983).

Franks J. R. Broyles J. E. Hecht M. J. , “An Industry Study of the Profitability of Mergers in the United Kingdom,” Journal of Finance (December 1977).

Scherer F. M. , Industrial Market Structure and Economic Performance, 2nd ed. (Chicago, IL: Rand McNally College Publishing Co., 1980).

Dodd P. , “Merger Proposals, Management Discretion, and Stockholder Wealth,” Journal of Financial Economics, Vol. 8 (1980).

Asquith P. Bruner R. F. Mullins D. , “Mergers, Bidding Firms, and the Order Hypothesis,” Harvard Business School Working Paper, April 1982.

Mandelker G. , “Risk and Return: The Case of Merging Firms,” Journal of Financial Economics (December 1974).

Langetieg T. C. , “An Application of a Three-Factor Performance Index to Measure Stockholder Gains from Merger,” Journal of Financial Economics, Vol. 6 (1978).

Michel A. Shaked I. Yobaccio B. , “Evidence on Stockholder Returns from Alternative Merger Types,” Boston University School of Management Working Paper, 1983.

Dodd , op. cit.

Haugen R. A. Langetieg T. C. , “An Empirical Test for synergism in Mergers,” Journal of Finance (September 1975).

Firth M. , “Synergism in Mergers: Some British Results,” Journal of Finance (May 1978).

Mandelker G. , op. cit.

Langetieg T. C. Haugen R. A. Wichern D. W. , “Mergers and Stockholder Risk,” Journal of Financial and Quantitative Analysis (September 1980).

Michel A. Shaked I. , “Are Conglomerates Safer?” in Levy H. , ed., Research in Finance (Greenwich, CT: JAI Press, forthcoming).

U.S. Congress, Antitrust Subcommittee, “A Report on Investigation of Conglomerate Corporation” (Washington, D.C.: U.S. Government Printing Office, June 1971).

Mead W. J. , “Instantaneous Merger Profit as a Conglomerate Merger Motive,” Western Economic Journal (December 1969); Weston J. F. , “Diversification and Merger Trends,” Business Economics (January 1970); Melicher R. W. Rush D. F. , “Evidence of the Acquisition-Related Performance of Conglomerate Firms,” Journal of Finance (March 1974); Melicher R. W. Rush D. F. , “The Performance of Conglomerate Firms: Recent Risk and Return Experience,” Journal of Finance (May 1973); Weston J. F. Mansinghka S. K. , “Test of Efficiency Performance of Conglomerate Firms,” Journal of Finance (September 1971); Shrieves R. E. Pashley M. M. , “A Test of Financial Economics through Increased Leverage Merger Theories,” University of Tennessee Working Paper, August 1980; Chung K. S. , “Tests of Synergies from Diversification,” UCLA Graduate School of Management Working Paper, August 1980.

Weston Mansinghka , op. cit.

A study of 478 large U.S. manufacturers from 1951 to 1961 by Reid S. R. , Mergers, Managers and the Economy (New York, NY: McGraw-Hill, 1968); a study of 353 U.S. firms from 1946 to 1965 by Ansoff H. I. Brandenburg R. G. Radosevich R. , Acquisitions Behavior of U.S. Manufacturing Firms, 1946–1965 (Nashville, TN; Vanderbilt University Press, 1971); a study of 77 British manufacturers from 1955 to 1960 by Singh A. , Take-Overs: Their Relevance to the Stock Market and the Theory of the Firm (Cambridge, England: Cambridge University Press, 1971); a study of 78 British firms from 1954 to 1970 by Utton M. A. , “On Measuring the Effects of Industrial Mergers,” Scottish Journal of Political Economy (February 1974); a study of 233 U.K. acquisitions from 1964 to 1972 by Meeks G. , Disappointing Marriage: A Study of Gains from Merger (Cambridge, England: Cambridge University Press, 1977); a study of 258 to 369 Canadian companies from 1960 to 1970 by Laiken S. N. , “Financial Performance of Merging Firms in a Virtually Unconstrained Legal Environment,” Antitrust Bulletin (Winter 1973); and a study of 22 U.S. conglomerates by Mason H. Goudzwaard M. , “Performance of Conglomerate Firms: A Portfolio Approach,” Journal of Finance (March 1976).