Beruflich Dokumente
Kultur Dokumente
8
Empirical Tests of
M&A Performance
1991
-1,
resolve
23.6%
-1.1%
3.7%
Mulherin,
Boone
2000
-1,+1
20.2%
-0.4%
3.6%
Andrade et al 2001
-1,+1
16.0%
-0.7%
1.8%
Chapter 8-4
Asquith et al 1990
Servaes
1991
Andrade et al 2001
Mixed
23.3%
Stock
14.4%
-1,0
27.5%
32.2%
13.9%
-1,
resolve
26.7%
21.1%
20.5%
-1,+1
20.1%
NA
13.0%
Chapter 8-7
1996
-42,-1
13.4%
12.7%
Chapter 8-8
Ancmnt.
Return
12.0%
Meulbroek
1992
-20,-1
13.0%
17.6%
Barclay,
Warner
1993
-30,-2
16.3%
15.0%
Schwert
1996
-42,-1
13.3%
10.1%
Schwert
2000
-63,-1
12.4%
9.6%
Chapter 8-9
Year
1980
1988
Premium
49%
53%
1993
10 before offer
23%
30 before rumor
47%
60 before offer
51%
Jennings,
Mazzeo
Chapter 8-10
Mixed
NA
-1.5%
Stock
-1.6%
-2.4%
Servaes
1991
Andrade et al 2001
-1,
resolve
3.4%
-3.5%
-5.9%
-1,+1
0.4%
NA
-1.5%
Chapter 8-12
1996
-42,-1
1.9%
0.2%
Chapter 8-13
Stock
Return
-6.5%
Rau,
Vermaelen
-4.0%
Mitchell,
Stafford
-1.0%
-3.8%
Chapter 8-17
3.6%
-4.3%
7.64%
-17.3%
Mitchell,
Stafford
1.1%
-7.2%
Chapter 8-18
Effects of Concentration
Impact on Macroconcentration (White, 2002)
Importance: large firms have potential economic
power, small firms more innovative
Share of 200 largest total asset firms: 44%
(1958), 38% (1977), 32% (1988)
Employment share of largest 1000: 27% (1988),
26% (1993), 27% (1999)
Aggregate concentration about the same despite
two decades of merger activity
Concentration data is for US international
activity making national measurement less
relevant
Chapter 8-21
Effects of Concentration
Impact on Microconcentration
Weighted average level of industry
concentration relatively constant 40%
during 1960s and 70s (Scherer, 1980)
Microconcentration measures ignore
international competition (Weston, 1982)
Share of top 4 US steel producers: 52%
domestic, 14% world production
75 industries: 50% domestic, 25%
world production
Chapter 8-22