International Mergers and Acquisitions Activity Since 1990

International Mergers and Acquisitions Activity Since 1990, 1st Edition

International Mergers and Acquisitions Activity Since 1990, 1st Edition,Greg Gregoriou,Luc Renneboog,ISBN9780750682893


Academic Press




Leading researchers from around the world present quantitative research on the latest wave of M&A activity

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Key Features

*A selection of the best and latest quantitative research on M&A activity worldwide
*Impressive collection of international authors
*Provides important insights and implications for practitioners


It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings.


Primary audience; academics and researchers in Finance; MBA and MScFinance students; quantitative analysts and M&A practitioners with high quantitative skills investment bankers, lawyers, etc.

Greg Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal. Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc. Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting work for numerous clients and investment firms in Montreal. He is a part-time lecturer in finance at McGill University, an advisory member of the Markets and Services Research Centre at Edith Cowan University in Joondalup (Australia), a senior advisor to the Ferrell Asset Management Group in Singapore and a research associate with the University of Quebec at Montreal's CDP Capital Chair in Portfolio Management. He is on the advisory board of the Research Center for Operations and Productivity Management at the University of Science and Technology (Management School) in Hefei, Anhui, China.

Affiliations and Expertise

School of Business and Economics, State University of New York, Plattsburgh, NY, USA

View additional works by Greg N. Gregoriou

Luc Renneboog

Affiliations and Expertise

Professor of Corporate Finance, Tilburg University, The Netherlands, and Research Fellow at the Center for Economic Research and the European Corporate Governance Institute (ECGI), Brussels

International Mergers and Acquisitions Activity Since 1990, 1st Edition

Chapter 1 Understanding mergers and acquisitions
Greg. N. Gregoriou and Luc Renneboog

1.1 Introduction
1.2 Historical Background
1.3 Recent M&A Activity
1.4 M&A Clustering: Theory
1.5 Empirical Evidence on M&A Profitability
1.6 Conclusion and overview of the research presented in this book

Chapter 2 Cross-border mergers and acquisitions: the facts as a guide for international economics
Steven Brakman, Harry Garretsen and Charles van Marrewijk

2.1 Introduction
2.2 Cross-border M&As: basic characteristics
2.3 Countries and M&As in 2005
2.4 Regional distribution of cross-border M&As
2.5 Countries and M&As over time
2.6 Inequality between cross-border M&As
2.7 Looking more closely at individual firms that engage in M&A
2.8 Conclusion
Chapter 3 Searching for alpha: which acquisitions create value?
Manolis Liodakis, and Che Pang
3.1 Introduction
3.2 Do takeovers create any value?
3.3 Motives for deals
3.4 Characteristics of value enhancing acquirers
3.5 Putting it all together
3.6 Conclusion

Chapter 4 Long-term operating performance in European mergers and acquisitions
Marina Martynova, Sjoerd Oosting and Luc Renneboog
4.1 Introduction
4.2 Prior research
4.3 Data and methodology
4.4 Changes in corporate performance caused by M&As: results

4.5 The determinants of the post-acquisition operating performance
4.6 Conclusion

Chapter 5 Bondholder wealth effects in mergers and acquisitions
Luc Renneboog and Peter G. Szilagyi

5.1 Introduction
5.2 The theory and empirics of bondholder wealth in M&As
5.3 Do cross-country differences in governance and legal standards matter?
5.4 Conclusion

Chapter 6 Mix and match facilities and loan notes in acquisitions
Marc Goergen and Jane Frecknall-Hughes

6.1 Introduction
6.2 Literature review
6.3 Data sources and sample selection
6.4 Characteristics of mix and match facilities
6.5 Loan notes
6.6 Accounting disclosure and treatment
6.7 Loan notes - tax choices
6.8 Conclusion

Section 2 The impact of takeover regulation and corporate governance on M&A activity

Chapter 7 The effect of merger laws on merger activity: International evidence
Arturo Bris, Christos Cabolis, and Vanessa Janowski

7.1 Introduction
7.2 Related literature
7.3 Merger laws
7.4 Merger data
7.5 Domestic and cross-border mergers, and merger laws
7.6 Conclusion

Chapter 8 The governance motive in cross-border mergers and acquisitions
Stefano Rossi and Paolo Volpin
8.1 Introduction
8.2 A simple model of cross-border M&A activity
8.3 Empirical analysis
8.4 Conclusion

Chapter 9 Corporate governance convergence through cross-border mergers: the case of Aventis
Arturo Bris and Christos Cabolis
9.1 Introduction
9.2 Aventis: Characteristics and main results
9.3 The merging parties
9.4 The merger: the formation of Aventis
9.5 Corporate governance: Rhône Poulenc, Hoechst and the French and German
corporate codes
9.6 Corporate governance of Aventis
9.7 Conclusion

Chapter 10 Whither hostility?
William Bratton
10.1 Introduction
10.2 Discipline as a motivation for mergers
10.3 The decline of the hostile takeover
10.4 The reappearance of hostility
10.5 Conclusion

Chapter 11 Corporate governance and acquisitions: Acquirer wealth effects in the Netherlands
Abe de Jong, Marieke van der Poel and Michiel Wolfswinkel
11.1 Introduction
11.2 Literature review
11.3 Research design
11.4 Results
11.5 Conclusion

Chapter 12
EU takeover regulation and the one share one vote controversy
Arman Khachaturyan and Joseph A. McCahery
12.1 Introduction
12.2 Shareholder democracy
12.3 Economics of ownership and corporate voting: a brief overview
12.4 Is one share one vote optimal?
12.5 Conclusion and policy imlications

Chapter 13 Opportunities in the M&A aftermarket: squeezing out and selling out
Christoph Van der Elst and Lientje Van den Steen
13.1 Introduction
13.2 Rationale for the squeeze-out right and the sell-out right
13.3 Squeeze-out right and the protection of private property
13.4 The squeeze-out right and the sell-out right in a comparative legal perspective
13.5 Conclusion

Section 3 Special types of mergers and acquisitions

Chapter 14 Mergers and acquisitions in IPO markets: evidence from Germany
David B. Audretsch and Erik E. Lehmann
14.1 Introduction
14.2 Predicting takeover targets: a short review of the literature
14.3 Data and the sample
14.4 Empirical results
14.5 Conclusion

Chapter 15 Reverse mergers in the UK: listed targets and private acquirers
Peter Roosenboom and Willem Schramade

15.1 Introduction
15.2 Reverse merger mechanics
15.3 Hypotheses
15.4 Data and methodology
15.5 Empirical results
15.6 Conclusion

Chapter 16 Efficiency and merger activity in the insurance industry
Fabio Bertoni, Annalisa Croce and Greg N. Gregoriou

16.1 Introduction
16.2 Related Literature
16.3 Research Hypotheses
16.4 Sample and descriptive statistics
16.5 Methodology
16.6 Results
16.7 Conclusion

Chapter 17 The profile of venture capital exits in Canada
Douglas Cumming and Sofia Johan

17.1 Introduction
17.2 Venture capital exits: theory and prior evidence
17.3 Venture capital in Canada
17.4 The data: exited Canadian venture capital investment, 1991-2004
17.5 Conclusion

Section 4 Irrationality in takeover decision making
Chapter 18 Executive compensation and managerial overconfidence: Impact on risk taking and shareholder value in corporate acquisitions
Sudi Sudarsanam and Jian Huang
18.1 Introduction
18.2 Alignment of shareholder and managerial interests
18.3 Managers’ behavioural biases and risk taking
18.4 Joint impact of exec compensation and overconfidence
18.5 Joint impact of executive compensation, overconfidence and governance on corporate acquisitions
18.6 Review of recent empirical studies based on the integrated framework
18.7 Unresolved theoretical and empirical issues
18.8 Conclusion

Chapter 19 Opportunistic accounting practices around stock financed mergers in Spain
María J. Pastor-Llorca and Francisco Poveda-Fuente

19.1 Introduction
19.2 Sample and data
19.3 Measuring earnings management
19.4 Accruals pattern around the time of the merger
19.5 Earnings management and post-merger stock price performance
19.6 Conclusion

Chapter 20 Mergers between energy firms in Europe: champions and markets
Francesc Trillas
20.1 Introduction
20.2 The issues at stake
20.3 The behavior of target firms
20.4 Expanding firms
20.5 Competition policy and national champions
20.6 Conclusion

Section 5 Valuation of takeovers

Chapter 21 Valuation methods and German merger practice
Wolfgang Breuer, Martin Jonas, Klaus Mark

21.1 Introduction
21.2 The background of merger processes in Germany
21.3 Basic valuation principles in Germany
21.4 The German Tax CAPM - a Tax CAPM with German income tax
21.5 A valuation example: Merger valuation of Deutsche Telekom
21.6 Consequences for German takeover practice
21.7 Conclusion

Chapter 22 The impact of cross border mergers and acquisitions on financial analysts’ forecasts: evidence from the Canadian stock market
Alain Coën, Aurélie Desfleurs and Claude Francoeur

22.1 Introduction
22.2 Conceptual framework
22.3 Measures of financial analysts’ forecast errors and data
22.4 Empirical results and analysis
22.5 Conclusion

Chapter 23 Size does matter - firm size and the gains from acquisitions on the Dutch market
Roman Kräussl and Michel Topper

23.1 Introduction
23.2 Empirical analysis
23.3 Discussion of results
23.4 Conclusion

Chapter 24 Share buy-backs, institutional investors and corporate control
Paul U. Ali
24.1 Introduction
24.2 Buy-back mechanisms
24.3 Myth and reality of buy-backs
24.4 Conclusion

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