Corporate Takeovers: Causes and Consequences (National by Alan J. Auerbach

By Alan J. Auerbach

The takeover increase that begun within the mid-1980s has exhibited many phenomena now not formerly saw, resembling adverse takeovers and takeover defenses, a common use of money as a method of check for designated organisations, and the acquisitions of businesses score one of the greatest within the nation. With the purpose of extra totally knowing the consequences of such occurances, participants to this quantity ponder a extensive variety of concerns as they study mergers and acquisitions and learn the takeoveer approach itself.

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Extra resources for Corporate Takeovers: Causes and Consequences (National Bureau of Economic Research Project Report)

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This is largely because the classification system obscures the true effect of mergers and acquisitions. The interesting question is how prevalent the negative employment effects are relative to the positive employment effects. The method of constructing the data almost guarantees that type 2 mergers and acquisitions will have nonpositive employment changes, while type 3 mergers and acquisitions will have nonnegative employment changes. Econometrically, the dummy variables are defined in a way that ensures their correlation with the dependent variable and hence with the error term in the regression.

Similarly, it is not surprising that type 3 (assets and work forces) mergers and acquisitions have positive employment effects. The effects here were defined not to have negative employment changes. The method of analysis is quite straightforward. Both the wage and the employment level equations are estimated conditional on past wage and employment levels, and dummy variables are included for each of the three types of events. The coefficients of these dummy variables are interpreted as the effects of each of the events on wages and employment.

A study of the attitudes of the American people and top business executives toward corporate takeovers, mimeo. Chapel Hill: University of North Carolina Institute for Private Enterprise. Jensen, Michael C. Takeovers: Folklore and science. Harvard Business Review 85 (November-December 1984): 109-21. Ruback, Richard S. 1988. Do target shareholders lose in unsuccessful control contests? In this volume. Comment Geoffrey Carliner Brown and Medoff have directed their attention to the market for corporate control of very small firms.

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