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Book

Merger Arbitrage

July 23, 2003 - Mark L. Mitchell

How does one regulate systemic risk in the financial sector? We propose charging each financial firm a tax based on its expected loss during a systemic crisis.

Book

A Clinical Exploration of Value Creation and Destruction in Acquisitions

April 1, 1997 - Steven N. Kaplan Mark L. Mitchell Karen H Wruck

How and why is value created or destroyed in mergers and acquisitions? To answer these questions, we present analyses of two acquisitions: Cooper Industries’ acquisition of Cameron Iron Works in 1989 and Premark’s acquisition of Florida Tile in 1990.

Journal Article

Price Pressure Around Mergers

February 1, 2004 - Mark L. Mitchell Todd C. Pulvino Erik Stafford

It has been well documented that when companies use stock as the currency in a takeover, the acquiring company’s share price tends to fall between –2% and –3% around the time a deal is announced.

Journal Article

Do Bad Bidders Become Good Targets?

April 1, 1990 - Mark L. Mitchell Kenneth Lehn

The stock market’s reaction to a corporate merger can be a useful signal about whether the transaction will succeed as well as whether the acquiring company may itself become a takeover target. In reviewing the stock price movements of 1,158 firms from 1980 through July 1988 to gauge market reactions to transactions from 1982 to 1986, we found the average stock price move after acquisition announcements was not significantly different from zero. However, there was a significant difference in market reactions to acquisitions that subsequently were sold off compared with those that were not subsequently divested.

Journal Article

The Role of Financial Economics in Securities Fraud Cases

January 1, 1991 - Mark L. Mitchell

Modern financial economics is becoming increasingly influential in securities fraud law.

Journal Article

The Stock Price Response to Pension Terminations and the Relation of Terminations With Corporate Takeovers

January 1, 1989 - Mark L. Mitchell J. Harold Mulherin

This article offers observation on the stock price response to pension terminations and the relation of terminations with corporate takeovers in the U.S.

Journal Article

Stock Repurchases and Insider Transactions in the Wake of the 1987 Stock Market Crash

January 1, 1989 - Jeffrey M. Netter Mark L. Mitchell

The stock market crash on Monday, October 19, 1987, ignited an unprecedented rush by firms to announce open-market stock-repurchase programs.

Journal Article

The Impact of Industry Shocks on Takeover and Restructuring Activity

June 1, 1996 - Mark L. Mitchell J. Harold Mulherin

The large number of corporate takeovers during the 1980s has been characterized as the fourth takeover wave in the U.S.

Journal Article

The Value of Corporate Takeovers

January 1, 1991 - Mark L. Mitchell

This article summarizes the results of three studies of the value of corporate takeovers.

Journal Article

Triggering the 1987 Stock Market Crash

September 1, 1989 - Mark L. Mitchell Jeffrey M. Netter

On Wednesday, October 14, 1987, the U.S. stock market began the most extreme one-week decline in its history, culminating in the crash on Monday, October 19, when the Dow Jones Industrial Average fell 508 points (22.6%).