Australian Journal of Management articles from October 2004

Australian Journal of Management archives from October 2004

Australian mergers and acquisitions since the 1980s: what do we know and what remains to be done?(Editorial)
October 1, 2004... 1. Introduction Three studies published in the mid-nineteen-eighties heralded a surge of research on merger and acquisition (M&A) activity in Australia. The share market studies of Walter (1984) and Bishop, Dodd and Officer (1987)...

The impact of takeover offer timing on the measurement of Australian bidder gains: 1976 to 1995.
October 1, 2004... Abstract: This paper demonstrates that the measurement of investor reactions to bidder offers is intimately affected by the endogenous nature of bidding. Bidding activity is not random. Offers are made at times that suit bidders. We show...

Competition in the market for takeover advisers.
October 1, 2004... Abstract: We investigate factors that motivate bidders to engage advisers, we model adviser selection and we test whether value-adding advisers gain market share. Our sample includes 801 attempted takeovers over 1989-1998 in Australia. Our...

The equity wealth effects of method of payment in takeover bids for privately held firms.
October 1, 2004... Abstract: In takeover bids for unlisted firms, the typically more closely-knit target shareholders have the bargaining power and incentives to force the bidder's managers to disclose their private information about the value of their...

Market returns to acquirers of substantial assets.
October 1, 2004... Abstract: Does poor post-acquisition performance characterise firms that make non-M&A acquisitions? We investigate the wealth effects of substantial asset acquisitions (i.e. acquisitions that cost over $10 million) on acquiring firms'...

Australian divestiture activity: an examination of gains to sell-off announcements.
October 1, 2004... Abstract: This study examines the source of gains associated with Australian divestiture activity, defined as a voluntary modification of the firm "s productive assets by a sell-off of a complete operating division or wholly-owned...