全球智库信息集成服务系统(G2TT): A Re-Examination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w6539
来源ID	Working Paper 6539
	A Re-Examination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View
	R. Glenn Hubbard; Darius Palia
发表日期	1998-04-01
出版年	1998
语种	英语
摘要	One possible explanation that bidding firms earned positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less developed capital markets. Examining 392 bidder firms during the 1960s, we find the highest bidder returns when financially unconstrained' buyers acquire constrained' targets. This result holds while controlling for merger terms and for different proxies used to classify firms facing costly external financing. We also find that bidders generally retain target management, suggesting that management may have provided company-specific operational information, while the bidder provided capital-budgeting expertise.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w6539
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/564054
推荐引用方式 GB/T 7714	R. Glenn Hubbard,Darius Palia. A Re-Examination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View. 1998.