The prior long-run operating performance of takeover targets : Australian evidence

Smart, Meagan J. (2004). The prior long-run operating performance of takeover targets : Australian evidence Honours Thesis, School of Business, The University of Queensland.

       
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Author Smart, Meagan J.
Thesis Title The prior long-run operating performance of takeover targets : Australian evidence
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2004
Thesis type Honours Thesis
Total pages 114
Language eng
Subjects 1503 Business and Management
Formatted abstract This thesis investigates whether takeovers are predominantly motivated by poor prior performance and if such poor performance results in the replacement of inefficient target management. Due to the lack of specific extant Australian literature, this paper presents original findings in its investigation. This thesis considers a sample of all ASX listed firms subject to a takeover offer between 1997 and 2002. Prior performance is examined overall and for specific takeover characteristics, namely directors' recommendation, multiple bidder contests and the level of regulation in the target industry. Results indicate no evidence of prior underperformance. Strong support is, however, provided for the inefficient management hypothesis, whereby the market for corporate control is an effective disciplinary mechanism for underperforming management

 
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Created: Fri, 12 Nov 2010, 13:02:41 EST by Muhammad Noman Ali on behalf of The University of Queensland Library