JEFFREY A. KRUG
MERGERS & ACQUISITIONS
VOLUME I: MERGERS & ACQUISITIONS
I. Definitions and Concepts
1. Reed, Stanley Foster, Alexandra Reed Lajoux, and H. Peter Nesvold, The Art of M&A. New York, New York: McGraw-Hill, 2007, 4th Edition, Chapter 1, “Getting Started in Mergers and Acquisitions,” pp. 1 – 8 (8 pages, one column, ISBN 0-07-140302-7). 2. Gaughan, Patrick A., Mergers, Acquisitions, and Corporate Restructurings. Hoboken, New Jersey: John Wiley & Sons, Inc., 2007, 4th Edition, Chapter 1, “Introduction,” pp. 3 – 28 (26 pages, one column, ISBN 978-0-471-70564-2). 3. Bruner, Robert F., Applied Mergers and Acquisitions. Hoboken, New Jersey: John Wiley & Sons, Inc., 2004, 1st Edition, Chapter 3, “Does M&A Pay,” pp. 30 – 67 (36 pages, one column, 0-471-39505-6)
II. Merger and Acquisition Motives
4. Baker, H. Kent, Thomas O. Miller, and Brian J. Ramsperger, “A Typology of Merger Motives,” Akron Business and Law Review, Winter 1981, Vol. 12, No. 4, pp. 24 – 29 (6 pages, 2 columns). (University of Akron, Office of the Dean, College of Business Administration, Akron, OH 44325, U.S.A.). 5. Walter, Gordon A. and Jay B. Barney, “Management Objectives in Mergers and Acquisitions,” Strategic Management Journal, January 1990, Vol. 11, No. 1, pp. 79 – 86 (8 pages, two columns). (Wiley Periodicals Inc., 111 River Street, Hoboken, New Jersey 07030, U.S.A.). 6. Mukherjee, Tarun K., Halil Kiymaz, and H. Kent Baker, “Merger Motives and Target Valuation: A Survey of Evidence from CFOs,” Journal of Applied Finance, Fall 2004, Vol. 14, No. 2, pp. 7 – 24 (18 pages, two columns). (Financial Management Association, College of Business Administration, University of South Florida, Tampa, FL 33620, U.S.A.). 7. Trautwein, Friedrich, “Merger Motives and Merger Prescriptions,” Strategic Management Journal, May/June 1990, Vol. 11, No. 4, pp. 283 – 295 (13 pages, two columns). (Wiley Periodicals Inc., 111 River Street, Hoboken, New Jersey 07030, U.S.A.). III. Theoretical Determinants of Mergers & Acquisitions
8. Gort, Michael, “An Economic Disturbance Theory of Mergers,” Quarterly Journal of Economics, November 1969, Vol. 83, No. 4, pp. 623 – 643 (19 pages, one column). (MIT Press Journals, 55 Hayward Street, Cambridge, Massachusetts 02142, U.S.A.). 9. Chatterjee, Sayan, “Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms,” Strategic Management Journal, March/April 1986, Vol. 7, No. 2, pp. 119 – 139 (21 pages, two columns). (Wiley Periodicals Inc., 111 River Street, Hoboken, New Jersey 07030, U.S.A.). 10. Shiller, Robert J., “Fashions, Fads, and Bubbles in Financial Markets. In Coffee, John C., Jr., Louis Lowenstein, and Susan Rose-Ackerman (eds.), Knights, Raiders, and Targets: The Impact of the Hostile Takeover. New York and Oxford: Oxford University Press, 1988, pp. 56 – 68 (13 pages, two columns). (Oxford University Press, 200 Madison Avenue, New York, New York 10016, U.S.A., ISBN 0-19-504405-3). 11. Jovanovic, Boyan and Peter L. Rousseau, “The Q-Theory of Mergers,” The American Economic Review, May 2002, Vol. 92, No. 2, pp. 198 – 204 (7 pages, two columns). (American Economic Association, 2014 Broadway, Suite 305, Nashville, Tennessee 37203, U.S.A.).
IV. Hubris, Agency Costs, and The Market for Corporate Control 12. Roll, Richard, “The Hubris Hypothesis of Corporate Takeovers,” The Journal of Business, April 1986, Vol. 59, No. 2, pp. 197 – 216 (20 pages, one column). (University of Chicago, 5720 Woodlawn Avenue, Chicago, Illinois 60637, U.S.A.). 13. Manne, Henry G.., “Mergers and the Market for Corporate Control,” The Journal of Political Economy, April 1965, Vol. 73, No. 2, pp. 110 – 120 (11 pages, two columns). (University of Chicago, 5720 Woodlawn Avenue, Chicago, Illinois 60637, U.S.A.). 14. Dodd, Peter, “The Market for Corporate Control: A Review of the Evidence,” Midland Corporate Finance Journal, Summer 1983, Vol. 1, No. 2, pp. 6 – 20 (15 pages, two...
References: Aguilera, Ruth V. and Gregory Jackson. 2003. The cross-national diversity of corporate governance: Dimensions and determinants, Academy of Management Review, 28(3): 447–465.
Bain, Joe S. 1956. Barriers to New Competition. Cambridge, Massachusetts: Harvard University Press.
Baker, H. Kent, Thomas O. Miller, and Brian J. Ramsperger. 1981. A typology of merger motives, Akron Business and Law Review, 12(4): 24–29.
Bergh, Donald D. 2001. Executive retention and acquisition outcomes: A test of opposing views on the influence of organization tenure, Journal of Management, 27(5): 603–622.
Berle, Adolf A. and Gardiner C. Means. 1933. The Modern Corporation and Private Property. New York: Macmillan.
Biggadike, Ralph E. 1979. Corporate Diversification: Entry, Strategy, and Performance. Cambridge, Massachusetts: Harvard University Press.
Borys, Bryan and David B
Brouthers, Keith D. and Lance Eliot Brouthers. 2000. Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences, Strategic Management Journal, 21(1): 89–97.
Bruner, Robert F. 2005. Deals from Hell: M&A Lessons That Rise Above the Ashes. Hoboken, New Jersey: John Wiley & Sons, Inc.
Burgelman, Robert A. 1983. A process model of internal corporate venturing in the diversified major firm, Administrative Science Quarterly, 28(2): 223–244.
Cannella, Albert A., Jr. and Donald C. Hambrick. 1993. Effects of executive departures on the performance of acquired firms, Strategic Management Journal, 14(Summer): 137–152.
Capron, Laurence. 1999. The long-term performance of horizontal acquisitions, Strategic Management Journal, 20(11): 987–1018.
Capron, Laurence and Nathalie Pistre. 2002. When do acquirers earn abnormal returns?, Strategic Management Journal, 23(9): 781–794.
Datta, Deepak K. 1991. Organizational fit and acquisition performance: Effects of post-acquisition integration, Strategic Management Journal, 12(4): 281–297.
Duhaime, Irene M. and Charles R. Schwenk. 1985. Conjectures on cognitive simplification in acquisition and divestment decision making, Academy of Management Review, 10(2): 287–295.
Fubini, David G., Colin Price, and Maurizio Zollo. 2006. Successful mergers start at the top, McKinsey on Finance, 21(Autumn): 12–16.
Gompers, Paul A. and Andrew Metrick. 2001. Institutional investor and equity prices, Quarterly Journal of Economics, 116(1): 229–259.
Halpern, Paul J. 1973. Empirical estimates of the amount and distribution of gains to companies in mergers, Journal of Business, 46(4): 554–575.
Hambrick, Donald C. and Albert A. Cannella, Jr. 1993. Relative standing: A framework for understanding departures of acquired executives, Academy of Management Journal, 36(4): 733–762.
Harrigan, Kathryn Rudie. 1988. Joint ventures and competitive strategy, Strategic Management Journal, 9(2): 141–158.
Harrison, Jeffrey S., Michael A. Hitt, Robert E. Hoskisson, and Duane R. Ireland. 1991. Synergies and post-acquisition performance: Differences versus similarities in resource allocations, Journal of Management, 17(1): 173–190.
Hennart, Jean-Francois and Sabine Reddy. 1997. The choice between mergers/acquisitions and joint ventures: The case of Japanese investors in the United States, Strategic Management Journal, 18(1): 1–12.
Holmstrom, Bengt and Steven N. Kaplan. 2001. Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s, Journal of Economic Perspectives, 15(2): 121–144.
Homburg, Christian and Matthias Bucerius, 2006. Is speed of integration really a success factor of mergers and acquisitions? An analysis of the role of internal and external relatedness, Strategic Management Journal, 27(4): 347–367.
Jemison, David B. and Sim B. Sitkin. 1986. Corporate acquisitions: A process perspective, Academy of Management Review, 11(1): 145–163.
Jensen, Michael C. 1986. The takeover controversy: Analysis and evidence, Midland Corporate Finance Journal, 4(2): 6–27.
King, David R., Dan R. Dalton, Catherine M. Daily, and Jeffrey G. Covin. 2004. Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2): 187-200.
Kochhar, Rahul and Michael A. Hitt. 1998. Linking corporate strategy to capital structure: Diversification strategy, type and source of financing, Strategic Management Journal, 19(6): 601–610.
Krishnan, Hema A., Alex Miller, and William O. Judge. 1997. Diversification and top management team complementarity: Is performance improved by merging similar or dissimilar teams?, Strategic Management Journal, 18(5): 361–374.
Krug, Jeffrey A. and Douglas Nigh. 2001. Executive perceptions in foreign and domestic acquisitions: An analysis of foreign ownership and its effect on executive fate, Journal of World Business, 36(1): 85–105.
Kusewitt, John B., Jr. 1985. An exploratory study of strategic acquisition factors relating to performance, Strategic Management Journal, 6(2): 151–169.
Lewellen, Wilbur G. 1971. A pure financial rationale for the conglomerate merger, Journal of Finance, 26(3): 521–527.
Lubatkin, Michael. 1987. Merger strategies and stockholder value, Strategic Management Journal, 8(1): 39–53.
Mitchell, Mark L. and J. Harold Mulherin. 1996. The impact of industry shocks on takeover and restructuring activity, Journal of Financial Economics, 41(2): 193–229.
Nahavandi, Afsaneh and Ali R. Malekzadeh. 1988. Acculturation in mergers and acquisitions, Academy of Management Review, 13(1): 79–90.
Pablo, Amy L. 1994. Determinants of acquisition integration level: A decision-making perspective, Academy of Management Journal, 37(4): 803–836.
Parkhe, Arvind. 1993. Partner nationality and the structure-performance relationship in strategic alliances, Organization Science, 4(2): 301–324.
Porter, Michael E. 1987. From competitive advantage to corporate strategy, Harvard Business Review, 65(3): 43–59.
Roll, Richard. 1986. The hubris hypothesis of corporate takeovers, Journal of Business, 59(2): 197–216.
Rumelt, Richard P. 1974. Structure, Strategy and Economic Performance. Cambridge, Massachusetts: Harvard University Press.
Rugman, Alan M. and Alain Verbeke. 2004. A perspective on regional and global strategies of multinational enterprises, Journal of International Business Studies, 35(1): 3–18.
Schweiger, David M. and Angelo S. DeNisi. 1991. Communication with employees following a merger: A longitudinal field experiment, Academy of Management Journal, 34(1): 110–135.
Schweiger David M. and James P. Walsh. 1990. Mergers and acquisitions: An interdisciplinary view. In K. M. Rowland and G. R. Ferris (Eds.), Research in Personnel and Human Resource Management, 8: 41–107. Greenwich, Connecticut: JAI Press.
Shaver, J. Myles. 2006. A paradox of synergy: Contagion and capacity effects in mergers and acquisitions, Academy of Management Review, 31(4): 962–976.
Shleifer, Andrei and Robert Vishny. 1990. The takeover wave of the 1980s, Science, 249: 745–749.
Shiller, Robert J. 1981. Do stock prices move too much to be justified by subsequent changes in dividends?, American Economic Review, 71(3): 421–436.
Simon, Herbert A. 1957. Models of Man: Social and Rational. New York: Wiley.
Singh, Harbir and Cynthia A. Montgomery. 1987. Corporate acquisition strategies and economic performance, Strategic Management Journal, 8(4): 377–386.
Walter, Gordon A. and Jay B. Barney. 1990. Management objectives in mergers and acquisitions, Strategic Management Journal, 11(1): 79–86.
Wang, Lihua and Edward J. Zajac. 2007. Alliance or acquisition? A dyadic perspective on interfirm resource combinations, Strategic Management Journal, 28(13): 1291–1317.
Williamson, Oliver E. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.
Yip, George S. 1982. Diversification entry: Internal development versus acquisition, Strategic Management Journal, 3(4): 331–345.
Zollo, Maurizio and Harbir Singh. 2004. Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers, Strategic Management Journal, 25(13): 1233–1256.
Please join StudyMode to read the full document