Wealth creation versus wealth redistributions in pure stock-for-stock mergers

• 成果类型: Article
• 署名作者: Maquieira, CP; Megginson, WL; Nail, L
• 署名单位: University System of Georgia; University of Georgia; Universidad de Chile; University of Alabama System; University of Alabama Birmingham
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00002-6
• 发表日期: 1998
• 页码: 3-33
• 关键词: conglomerate mergers; stock-for-stock mergers; bond valuation

摘要

We examine wealth changes for all 1283 publicly traded debt and equity securities of firms involved in 260 pure stock-for-stock mergers from 1963 to 1996. We find no evidence that conglomerate stock-for-stock mergers create financial synergies or benefit bondholders at stockholders' expense. Instead, we document significant net synergistic gains in nonconglomerate mergers and generally insignificant net gains in conglomerate mergers. Conglomerate bidding-firm stockholders lose; all other securityholders at least break even. Convertible securityholders experience the largest gains, due mostly to their attached option values. Certain bond covenants are value-enhancing while leverage increases are value-reducing. (C) 1998 Elsevier Science S.A. All rights reserved.