Corporate Restructuring

Edited by John J. McConnell, Emanuel T. Weiler Distinguished Professor of Management (Finance) and David J. Denis, Roger Ahlbrandt Sr. Chair in Finance, University of Pittsburgh, US

• Contents:Volume IAcknowledgementsForeword Richard RollIntroduction John J. McConnell and David J. DenisPART ICORPORATE COMBINATIONS AMergers and Tender Offers: Motives1. Henry G. Manne (1965), ‘Mergers and the Market for Corporate Control’2. Michael Bradley, Anand Desai and E. Han Kim (1988), ‘Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms’3. Michael C. Jensen (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’4. Richard Roll (1986), ‘The Hubris Hypothesis of Corporate Takeovers’5. Andrei Shleifer and Robert W. Vishny (2003), ‘Stock Market Driven Acquisitions’6. E. Han Kim and Vijay Singal (1993), ‘Mergers and Market Power: Evidence from the Airline Industry’7. Diane Kowalski Denis (1994), ‘Evidence on the Effects of Hostile and Friendly Tender Offers on Employment’BMergers and Tender Offers: Sources of Gains and Losses8. John D. Leeth and J. Rody Borg (2000), ‘The Impact of Takeovers on Shareholder Wealth during the 1920s Merger Wave’9. John G. Matsusaka (1993), ‘Takeover Motives During the Conglomerate Merger Wave’10. Gregg A. Jarrell, James A. Brickley and Jeffry M. Netter (1988), ‘The Market for Corporate Control: The Empirical Evidence Since 1980’11. Gregor Andrade and Erik Stafford (2004), ‘Investigating the Economic Role of Mergers’ 12. Paul M. Healey, Krishna G. Palepu and Richard S. Ruback (1992), ‘Does Corporate Performance Improve After Mergers?’13. P. Raghavendra Rau and Theo Vermaelen (1998), ‘Glamour, Value and the Post-acquisition Performance of Acquiring Firms’14. Kathryn L. Dewenter (1995), ‘Does the Market React Differently to Domestic and Foreign Takeover Announcements? Evidence from the U.S. Chemical and Retail Industries’15. Randall Morck, Andrei Shleifer and Robert W. Vishny (1990), ‘Do Managerial Objectives Drive Bad Acquisitions?’16. Julian Franks and Colin Mayer (1996), ‘Hostile Takeovers and the Correction of Managerial Failure’17. Philip G. Berger and Eli Ofek (1996), ‘Bustup Takeovers of Value-Destroying Diversified Firms’CJoint Ventures18. John J. McConnell and Timothy J. Nantell (1985), ‘Corporate Combinations and Common Stock Returns: The Case of Joint Ventures’19. Myron B. Slovin and Marie E. Sushka (1998), ‘The Economics of Parent-subsidiary Mergers: An Empirical Analysis’PART IIBUYOUTS 20. Harry DeAngelo, Linda DeAngelo and Edward M. Rice (1984), ‘Going Private: Minority Freezeouts and Stockholder Wealth’21. Steven Kaplan (1989), ‘The Effects of Management Buyouts on Operating Performance and Value’22. Tim Opler and Sheridan Titman (1993), ‘The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs’23. Susan Chaplinsky, Greg Niehaus and Linda Van de Gucht (1998), ‘Employee Buyouts: Causes, Structure, and Consequences’Name IndexVolume IIAcknowledgementsAn introduction by the editors to both volumes appears in Volume IPART IASSET RESTRUCTURINGS ADefensive Restructurings1. L.Y. Dann and H. DeAngelo (1988), ‘Corporate Financial Policy and Corporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure’2. David J. Denis and Diane K. Denis (1993), ‘Managerial Discretion, Organizational Structure, and Corporate Performance: A Study of Leveraged Recapitalizations’3. Laura Casares Field and Jonathan M. Karpoff (2002), ‘Takeover Defenses of IPO Firms’BInternal Asset Restructurings4. Jeffrey W. Allen, Scott L. Lummer, John J. McConnell and Debra K. Reed (1995), ‘Can Takeover Losses Explain Spin-Off Gains?’5. Robert Comment and Gregg A. Jarrell (1995), ‘Corporate Focus and Stock Returns’6. Philip G. Berger and Eli Ofek (1999), ‘Causes and Effects of Corporate Refocusing Programs’7. Frederik P. Schlingemann, René M. Stulz and Ralph A. Walkling (2002), ‘Divestitures and the Liquidity of the Market for Corporate Assets’8. Lane Daley, Vikas Mehrotra and Ranjini Sivakumar (1997), ‘Corporate Focus and Value Creation: Evidence from Spinoffs’9. Robert Gertner, Eric Powers and David Scharfstein (2002), ‘Learning about Internal Capital Markets from Corporate Spin-offs’10. Anand M. Vijh (2002), ‘The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains?’11. Gayle R. Erwin and John J. McConnell (1997), ‘To Live or Let Die? An Empirical Analysis of Piecemeal Voluntary Corporate Liquidations’12. J. Harold Mulherin and Audra L. Boone (2000), ‘Comparing Acquisitions and Divestitures’13. Vojislav Maksimovic and Gordon Phillips (2001), ‘The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?’PART IIDISTRESSED RESTRUCTURINGS 14. Stuart C. Gilson, Kose John and Larry H.P. Lang (1990), ‘Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default’15. Jun-Koo Kang and Anil Shivdasani (1997), ‘Corporate Restructuring During Performance Declines in Japan’16. David J. Denis and Timothy A. Kruse (2000), ‘Managerial Discipline and Corporate Restructuring Following Performance Declines’17. Vojislav Maksimovic and Gordon Phillips (1998), ‘Asset Efficiency and Reallocation Decisions of Bankrupt Firms’18. Karin S. Thorburn (2000), ‘Bankruptcy Auctions: Costs, Debt Recovery, and Firm Survival’19. Todd C. Pulvino (1999), ‘Effects of Bankruptcy Court Protection on Asset Sales’20. Allan C. Eberhart, Edward I. Altman and Reena Aggarwal (1999), ‘The Equity Performance of Firms Emerging from Bankruptcy’Name Index