Takeover Activity, Valuation Estimates and Merger Gains

  • ID: 1764110
  • Book
  • 864 Pages
  • Elsevier Science and Technology
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A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, "Takeover Activity, Valuation Estimates and Sources of Merger Gains", focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications.

- Provides a status report about modern scientific evidence on corporate takeovers- Exposes students to new methods and empirical evidence while reading high quality primary material- Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students

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Introduction to Corporate Takeovers: Modern Empirical Developments; Corporate Takeovers; Econometrics of Event Studies; Self-Selection Models in Corporate Finance; Investigating the Economic Role of Mergers; Valuation Waves and Merger Activity: The Empirical Evidence; What Drives Merger Waves?; Firm Size and the Gains from Acquisitions; Why do Private Acquirers Pay so Little Compared to Public Acquirers?; The Underpricing of Private Targets; Gains in Bank Mergers: Evidence from the Bond Markets; Do Tender Offers Create Value? New Methods and Evidence; Horizontal Mergers, Collusion, and Stockholder Wealth; Sources of Gains in Horizontal Mergers: Evidence from Customers, Supplier, and Rival Firms; Industry Structure and Horizontal Takeovers: Analysis of Wealth Effects on Rivals, Suppliers, and Corporate Customers; Abnormal Returns to Rivals of Acquisition Targets: A Test of the Acquisition Probability Hypothesis; Where do Merger Gains Come From? Bank Mergers from the Perspective of Insiders and Outsiders; Corporate Restructuring: Breakups and LBOs

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Eckbo, B. Espen
Professor B. Espen Eckbo holds the Tuck Centennial Chair in Finance. He is also Faculty Director of Tuck's Lindenauer Center for Corporate Governance, which he founded in 1999. He teaches advanced MBA courses in the areas of corporate finance, corporate takeovers and international corporate governance. Professor Eckbo, who received a PhD in financial economics from the University of Rochester in 1981, has published extensively in the top finance journals in the areas of corporate finance, investment banking, and the market for corporate control. He is a recipient of an honorary doctoral degree from the Norwegian School of Economics, the prestigious Batterymarch Fellowship, as well as several outstanding-paper awards. He is a research Associate of the European Corporate Governance Institute (ECGI), and a frequent keynote and invited seminar speaker. He was called in 2009 by the U.S. Congress to testify on issues concerning the government's large equity ownership positions in companies rescued under the Troubled Asset Relief Program (TARP).
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