International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (Quantitative Finance) (Quantitative Finance) PDF
Preview International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (Quantitative Finance) (Quantitative Finance)
Prelims-H8289.qxd 5/17/07 10:26 AM Page i International Mergers and Acquisitions Activity Since 1990 Prelims-H8289.qxd 5/17/07 10:26 AM Page ii Quantitative Finance Series Aims and Objectives • Books based on the work of financial market practitioners and academics • Presenting cutting-edge research to the professional/practitioner market • Combining intellectual rigour and practical application • Covering the interaction between mathematical theory and financial practice • To improve portfolio performance, risk management and trading book performance • Covering quantitative techniques Market Brokers/Traders; Actuaries; Consultants; Asset Managers; Fund Managers; Regulators; Central Bankers; Treasury Officials; Technical Analysis; and Academics for Masters in Finance and MBA market. Series Titles Return Distributions in Finance Derivative Instruments: theory, valuation, analysis Managing Downside Risk in Financial Markets Economics for Financial Markets Performance Measurement in Finance Real R&D Options Advanced Trading Rules, Second edition Advances in Portfolio Construction and Implementation Computational Finance Linear Factor Models in Finance Initial Public Offerings: an international perspective Funds of Hedge Funds Venture Capital in Europe Forecasting Volatility in the Financial Markets, Third Edition International Mergers and Acquisitions Activity Since 1990 Corporate Governance and Regulatory Impact on Mergers and Acquisitions Series Editor Dr Stephen Satchell Dr Satchell is the Reader in Financial Econometrics at Trinity College, Cambridge; Visiting Professor at Birkbeck College, City University Business School and University of Technology, Sydney. He also works is a consultative capacity to many firms, and edits the journal Derivatives: use, trading and regulationsand the Journal of Asset Management. Prelims-H8289.qxd 5/17/07 10:26 AM Page iii International Mergers and Acquisitions Activity Since 1990 Recent Research and Quantitative Analysis Edited by Greg N. Gregoriou and Luc Renneboog AMSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK OXFORD • PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE SYDNEY • TOKYO Academic Press is an imprint of Elsevier Prelims-H8289.qxd 5/17/07 10:26 AM Page iv Academic Press is an imprint of Elsevier 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA 525 B Street, Suite 1900, San Diego, California 92101-4495, USA 84 Theobald’s Road, London WC1X 8RR, UK This book is printed on acid-free paper. (cid:2) Copyright © 2007, Elsevier Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without permission in writing from the publisher. Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone: ((cid:3)44) 1865 843830, fax: ((cid:3)44) 1865 853333, E-mail: [email protected]. You may also complete your request on-line via the Elsevier homepage (http://elsevier.com), by selecting “Support & Contact” then “Copyright and Permission” and then “Obtaining Permissions.” Library of Congress Cataloging-in-Publication Data Application submitted British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library. ISBN 978-0-7506-8289-3 For information on all Academic Press publications visit our Web site at www.books.elsevier.com Typeset by Charon Tec Ltd (A Macmillan Company), Chennai, India www.charontec.com Printed in the United States of America 07 08 09 10 11 9 8 7 6 5 4 3 2 1 Prelims-H8289.qxd 5/17/07 10:26 AM Page v Contents Acknowledgments vii About the editors ix List of contributors xi 1 Understanding mergers and acquisitions: activity since 1990 1 Greg N. Gregoriou and Luc Renneboog Part One International M&A Activity and Takeover Performance 21 2 Cross-border mergers and acquisitions: the facts as a guide for international economics 23 Steven Brakman, Harry Garretsen and Charles van Marrewijk 3 Searching for value-enhancing acquirers 51 Manolis Liodakis and Che Pang 4 The Long-term operating performance in European mergers and acquisitions 79 Marina Martynova, Sjoerd Oosting and Luc Renneboog 5 How do bondholders fare in mergers and acquisitions? 117 Luc Renneboog and Peter G. Szilagyi 6 Mix-and-match facilities and loan notes in acquisitions 135 Marc Goergen and Jane Frecknall-Hughes Part Two Special Types of Mergers and Acquisitions 167 7 Mergers and acquisitions in IPO markets: evidence from Germany 169 David B. Audretsch and Erik E. Lehmann 8 Reverse mergers in the United Kingdom: listed targets and private acquirers 181 Peter Roosenboom and Willem Schramade Prelims-H8289.qxd 5/17/07 10:26 AM Page vi vi Contents 9 The profile of venture capital exits in Canada 195 Douglas Cumming and Sofia Johan Part Three Valuation and Irrationality in Takeover Decision Making 221 10 Executive compensation and managerial overconfidence: impact on risk taking and shareholder value in corporate acquisitions 223 Sudi Sudarsanam and Jian Huang 11 Opportunistic accounting practices around stock-financed mergers in Spain 261 María J. Pastor-Llorca and Francisco Poveda-Fuente 12 Size does matter—firm size and the gains from acquisitions on the Dutch market 279 Roman Kräussl and Michel Topper Index 295 Prelims-H8289.qxd 5/17/07 10:26 AM Page vii Acknowledgments We thank Karen Maloney, Dennis McGonagle, and Anne McGee at Elsevier for guidance throughout the publishing process, as well as Emily Thompson, copyeditor, and Charon Tec (A Macmillan Company) and its team. We are also grateful to all the anonymous referees for carefully reviewing and selecting the final papers during this process. This page intentionally left blank Prelims-H8289.qxd 5/17/07 10:26 AM Page ix About the editors Greg N. Gregoriou is Professor of Finance in the School of Business and Economics at State University of New York at Plattsburgh. He obtained his Ph.D. (finance) from the University of Quebec at Montreal and is hedge-fund editor for the peer-reviewed scientific journal Derivatives Use, Trading and Regulationand editorial board member for the Journal of Wealth Management, and the Journal of Risk and Financial Institutions.He has written more than 50 articles on hedge funds and managed futures in various U.S. and U.K. peer- reviewed publications, including (among others) the Journal of Portfolio Management, Journal of Derivatives Accounting, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, European Journal of Finance, and Journal of Asset Management.He has edited 18 books for Elsevier, Wiley, Palgrave-MacMillan, and Risk and has co- authored one book for Wiley. Luc Renneboog is Professor of Corporate Finance at Tilburg University and a research fellow at the CentER for Economic Research and the European Corporate Governance Institute (ECGI, Brussels). He graduated from the Catholic University of Leuven with degrees in management engineering (MSc) and in philosophy (BA), from the University of Chicago with an MBA, and from the London Business School with a Ph.D. in financial economics. He held appointments at the University of Leuven and Oxford University and visiting appointments at London Business School, European University Institute (Florence), HEC (Paris), Venice University, and CUNEF (Madrid). He has pub- lished in the Journal of Finance,Journal of Financial Intermediation,Journal of Law and Economics, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Law, Economics & Organization, Cambridge Journal of Economics, European Financial Management, and others. He has co-authored and edited several books on corporate governance, dividend policy, and venture capital with Oxford University Press. His research interests are corporate finance, corporate governance, dividend policy, insider trading, law and eco- nomics, and the economics of art.
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