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Corporate Takeovers

Causes and Consequences

The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

354 pages | 69 tables, 13 figures | 6 x 9 | © 1988

National Bureau of Economic Research Project Report

Economics and Business: Business--Business Economics and Management Studies

Table of Contents

Preface

Introduction
Alan J. Auerbach

1.The Impact of Firm Acquisitions on Labor
Charles Brown and James L. Medoff
Comment: Geoffrey Carliner
Comment: Henry S. Farber

2. Breach of Trust in Hostile Takeovers
Andrei Shleifer and Lawrence H. Summers
Comment: Bengt Holmstrom
Comment: Oliver E. Williamson

3. The Effect of Takeover Activity on Corporate Research and Development
Bronwyn H. Hall
Comment: Charles Brown
Comment: Ariel Pakes

4. Characteristics of Targets of Hostile and Friendly Takeovers
Randall Mørck, Andrei Schleifer, and Robert W. Vishny
Comment: Oliver S. D’Arcy Hart
Comment: Michael C. Jensen

5. Do Target Shareholders Lose in Unsuccessful Control Contests?
Richard S. Ruback
Comment: Andrei Schleifer
Comment: Robert W. Vishney

6. The Effects of Taxation on the Merger Decision
Alan J. Auerbach and David Reishus
Comment: James M. Poterba
Comment: John B. Shoven

7. Share Repurchases and Acquisitions: An Analysis of Which Firms Participate
Laurie Simon Bagwell and John B. Shoven
Comment: David F. Bradford
Comment: Jerry R. Green

8. Means of Payment Takeovers: Results for the United Kingdom and the United States
Julian R. Franks, Robert S. Harris, and Colin Mayer
Comment: Artur Raviv
Comment: Richard S. Ruback

9. A Time-Series Analysis of Mergers and Acquisitions in the U.S. Economy
Devra L. Golbe and Lawrence J. White
Comment: Steven C. Salop
Comment: Robert A. Taggart, Jr.

10. Panel Discussion: Corporate Takeovers and Public Policy
Joseph A. Grundfest, Gregg Jarrell, Steven C. Salop, and Lawrence J. White

List of Contributors
Name Index
Subject Index

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