CORPORATE-MERGERS, STOCKHOLDER DIVERSIFICATION, AND CHANGES IN SYSTEMATIC-RISK

被引：89

作者：

CHATTERJEE, S ^{[1
]}

LUBATKIN, M ^{[1
]}

机构：

[1] UNIV CONNECTICUT,SCH BUSINESS ADM,STORRS,CT 06268

来源：

STRATEGIC MANAGEMENT JOURNAL | 1990年 / 11卷 / 04期

关键词：

D O I：

10.1002/smj.4250110402

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Strategic management literature suggests a relationship between systematic risk and the relatedness of merging firms. This is tested for a sample of 120 large mergers by controlling for the systematic risk of the target firm, correcting for possible problems of heteroskedasticity, and estimating shifts in risk over daily as well as monthly time horizons. Finally, the influence of leverage is considered. The findings highlight a performance distinction between corporate diversification and stockholder diversification in instances of related and unrelated mergers. Copyright © 1990 John Wiley & Sons, Ltd.

引用

页码：255 / 268

页数：14

共 39 条

[1] DIVERSIFICATION STRATEGIES, BUSINESS CYCLES AND ECONOMIC-PERFORMANCE [J].