Corporate Takeovers: Causes and Consequences (National by Alan J. Auerbach

By Alan J. Auerbach

The takeover increase that begun within the mid-1980s has exhibited many phenomena now not formerly saw, corresponding to opposed takeovers and takeover defenses, a frequent use of money as a method of fee for exact organizations, and the acquisitions of businesses score one of the biggest within the kingdom. With the purpose of extra totally knowing the consequences of such occurances, participants to this quantity think about a extensive variety of concerns as they examine mergers and acquisitions and examine the takeoveer approach itself.

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Extra info for Corporate Takeovers: Causes and Consequences (National Bureau of Economic Research Project Report)

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Lawrence H. Summers is professor of economics at Harvard University and a research associate of the NBER. The authors are indebted to Oliver Hart, Benjamin Hermalin, James Hines, Barry Nalebuff, Robert W. Vishny, Oliver E. Williamson, and especially Bengt Holmstrom and Michael C. Jensen for helpful comments, and to the Seaver Institute for financial support. Their help does not constitute an endorsement of the views expressed in this paper. 33 34 Andrei Shleifer and Lawrence H. Summers view, arguing that takeovers create private value by capturing rents but create little or no social value.

Do target shareholders lose in unsuccessful control contests? In this volume. Comment Geoffrey Carliner Brown and Medoff have directed their attention to the market for corporate control of very small firms. The other papers in this volume, and all the controversy surrounding mergers and acquisitions in other media, focus on very large and visible corporations with thousands of employees and price tags in nine figures. Brown and Medoff's study is therefore useful in reminding us that a substantial fraction of the work force is employed by small firms, among which the only hostile takeovers are fights among brothers and sisters over who should run the family business.

1988. Means of payment in takeovers: Results for the United States and the United Kingdom. In this volume. Louis Harris and Associates. 1987. A study of the attitudes of the American people and top business executives toward corporate takeovers, mimeo. Chapel Hill: University of North Carolina Institute for Private Enterprise. Jensen, Michael C. Takeovers: Folklore and science. Harvard Business Review 85 (November-December 1984): 109-21. Ruback, Richard S. 1988. Do target shareholders lose in unsuccessful control contests?

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