Valoración de las fusiones y adquisiciones por los accionistas adquirentes

  1. Feito-Ruiz, Isabel
  2. Menéndez Requejo, Susana
Revista:
Universia Business Review

ISSN: 1698-5117

Año de publicación: 2011

Número: 29

Páginas: 50-65

Tipo: Artículo

Otras publicaciones en: Universia Business Review

Referencias bibliográficas

  • Agrawal, A., Jaffe. J.; Mandelker, G. (1992) "The post-merger performance of acquiring firms: a re-examination of an anomaly", Journal of Finance, Vol. 47, núm. 4, p. 1605-1621.
  • Asquith, P., Bruner, R.; Mullins, D. (1983) "The gains to bidding firms from merger", Journal of Financial Economics, Vol. 11., núms. 1y 4, p. 121-139.
  • Beitel, P., Schiereck, D.; Wahrenburg M. (2004) "Explaining M&A success in European banks", European Financial Management, Vol. 10, núm. 1, p. 109-139.
  • Berger, P.G.; Ofek, E. (1995) "Diversification ́s effect on firm value", Journal of Financial Economics, Vol. 37, núm. 1, p.39-65.
  • Bradley, M., Desai, A.; Kim, E.H. (1988) "Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms", Journal of Financial Economics, Vol. 21, núm. 1, p. 3-40.
  • Campa, J.M.; Kedia S. (2002) "Explaining the diversification discount", The Journal of Finance, Vol. 57, núm. 4, p. 1731-1762.
  • Campa, J.M.; Hernando, I. (2004) "Shareholder value creation in European M&As", European Financial Management, Vol. 10, núm. 1, p. 47-81.
  • Campa, J.M.; Hernando, I. (2006) "M&A performance in the European financial industry", Journal of Banking & Finance, Vol. 30, núm. 12, p. 3367-3392.
  • Campbell, C.J., Lo, A.W.; MacKinlay, A.C. (1997) "Event-study analysis", Chapter 4 in The Econometrics of Financial Markets, Princeton University Press.
  • Campbell, C. J.; Cowan, R.; Salotti, V. (2010) "Multi-country event-study methods", Journal of Banking & Finance, Vol. 34, núm 12, p. 3078-3090.
  • Corrado, C.J. (1989) "A nonparametric test for abnormal security-price performance in event studies" Journal of Financial Economics, Vol. 23, núm. 2, p. 385-395.
  • Demsetz, H.; Lehn, K. (1985) "The structure of corporate ownership: causes and consequences", Journal of Finance, Vol. 93, núm. 6, p. 773-784.
  • Denis, D.J., Denis, D.K.; Yost, K. (2002) "Global diversification, industrial diversification, and firm value", Journal of Finance, Vol. 57, núm. 5, p. 1951-1979.
  • Dodd, P.; Warner, J.B. (1983) "On corporate governance-A study of proxy contests", Journal of Financial Economics, Vol. 11, núm. 1 y 4, p. 401-438.
  • Dong, M.; Hirshleifer, D.; Richardson, S.; Teoh, S.H. (2006) "Does investor misevaluation drive the takeover market?", Journal of Finance, Vol. 61, núm. 2, p. 725-762.
  • Doukas, J. (1995) " Oversinvestment, Tobin ́s q and gains from foreigns acquisitions", Journal of Banking and Finance, Vol. 19, núm. 7, p. 1285-1303.
  • Doukas, J.; Travlos, N.G. (1988) "The effect of corporate multi-nationalism on shareholders wealth: Evidence from international acquisitions", Journal of Finance, Vol. 43, núm. 5, p. 1161-1175.
  • Faccio, M.; McConnell, J.; Stolin, D. (2006) "Returns to acquirers of listed and unlisted targets", Journal of Finance and Quantitative Analysis, Vol. 41, núm. 1, p. 198-220.
  • Francis, B.B.; Hasan, I.; Sun, X (2007) "Financial market integration and the value of global diversification: Evidence for U.S. acquirers in cross-border mergers and acquisitions", Journal of Banking and Finance, Vol. 32, núm. 8, p.1522-1540.
  • Fuller, K.; Netter, J.; Stegemoller, M. (2002) "What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions", Journal of Finance, Vol. 57, núm. 4, p. 1763-1793.
  • Grossman, S.; Hart, O. (1980) "Takeover bids, the free rider problem and the theory of the corporation", Bell Journal of Economics, Vol. 11, núm. 1, p. 20-30.
  • Jensen, M.C.; Ruback, R.S. (1983) "The market for corporate control: the scientific evidence", Journal of Financial Economics, Vol. 11, núms. 1y 4, p. 5-50.
  • Jensen, M.C. (1986) "Agency cost of free cash flow, corporate finance, and takeovers", American Economic Review, Vol. 76, núm. 2, p. 323-329.
  • Kaufmann, D.; Kraay, A.; Mastruzzi, M. (2007) "Governance Matters VI: Governance Indicators for 1996-2006", World Bank Policy Research (junio).
  • La Porta, R.; López-de-Silanes, F.; Shleifer, A.; Vishny, R. (1998) "Law and Finance", Journal of Political Economy, Vol. 106, núm. 6, p. 113-1155.
  • Lang, L.H.P.; Stulz, R.M.; Walking, R.A. (1989) "Managerial performance, Tobin ́s Q, and the gains from successful tender offers", Journal of Financial Economics, Vol. 24, núm. 1, p. 137-154.
  • Lang, L.; Stulz, R.M. (1994) "Tobin ́s Q. Corporate diversification and firm performance", Journal of Political Economy, Vol. 102, núm. 6, p. 1248-1280.
  • Martynova, M.; Renneboog, L. (2008) "Spillover of corporate governance Standard in cross-border mergers and acquisitions", Journal of Corporate Finance, Vol. 14, núm. 3, p. 200-223.
  • Moeller, S.B.; Shilingemann, F.P.; Stulz, R.M. (2004) "Do shareholders of acquiring firms gain from acquisitions?", Journal of Financial Economics, Vol. 73, núm. 2, p. 201-228.
  • Moeller, S.; Schlingemann, F. (2005) "Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions", Journal of Banking and Finance, Vol. 29, núm 3, p. 533-564.
  • Myers, S.; Majluf, N. (1984) "Corporate financing and investment decisions when firms have information that investors do not have", Journal of Financial Economics, Vol. 13, núm. 2, p. 187-221.
  • Roll, R. (1986) "The hubris hypothesis of corporate takeovers", Journal of Business, Vol. 59, núm. 2, p. 197-216.
  • Schwert, G.W. (2000) "Hostility in takeovers: In the eyes of the beholder?", Journal of Financial Economics, Vol. 41, núm. 6, p. 153-162.