SHAREHOLDER GAINS FROM TAKEOVERS AND RESTRUCTURINGS BETWEEN 1981 AND 1986: $162 BILLION IS A LOT OF MONEY
SHAREHOLDER GAINS FROM TAKEOVERS AND RESTRUCTURINGS BETWEEN 1981 AND 1986: $162 BILLION IS A LOT OF MONEY
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1981 年至 1986 年间股东从收购和重组中获得的收益：1,620 亿美元是一笔巨款
DOI：
10.1111/j.1745-6622.1988.tb00153.x
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发表时间：
1988
影响因子：
0.9
通讯作者：
J. Grundfest
中科院分区：
文献类型：
--
作者：
Bernard Black;J. Grundfest
早在1789年，本杰明·富兰克林就声称，生活中没有什么是确定的，只有死亡和税收。如果富兰克林现在还活着，而且还在纳税，他可能会在清单上增加第三个不变的常量：股东从收购中获得的收益。有趣的是，尽管围绕收购展开了漫长而激烈的公共政策辩论，但几乎没有人致力于估计收购和重组活动为股东带来的总美元收益。不乏研究表明，收购溢价平均为30%至50%。然而，这些百分比溢价并未转化为对收购活动增加股东财富的数十亿美元的估计。本文是填补这一缺口的初步尝试。在不打算分析收购活动的所有成本和收益的情况下，我们研究了三类交易：上市公司的收购(包括杠杆收购)、资产剥离和杠杆资本重组。我们使用保守估计技术来产生较低的
Back in 1789 Benjamin Franklin claimed that nothing was certain in life but death and taxes. If Franklin were alive and paying taxes today he might add a third immutable constant to his list: shareholders gain from takeovers. Interestingly, despite the long and acrimonious public policy debate over takeovers, little effort has been devoted to estimating the aggregate dollar gains to shareholders from takeover and restructuring activity. There is no shortage of research demonstrating takeover premiums averaging 30 to 50 percent. However, these percentage premiums have not been translated into estimates of the billions of dollars by which takeover activity has increased shareholder wealth.This paper is an initial attempt to fill that gap. Without purporting to analyze all of the costs and benefits of takeover activity, we study three classes of transactions: takeovers of publicly traded corporations (including leveraged buyouts), divestitures, and leveraged recapitalizations. We use conservative estimation techniques in order to produce a lower