Skip to main content
  • 1817 Accesses

Auszug

Das in den Kapiteln 3 und 4 beschriebene Vorgehen bzw. die vorgestellten Daten bilden die Grundlage für die empirische Analyse in diesem Kapitel. Das Vorgehen ist dabei dreigeteilt. Zunächst werden die Ergebnisse der gesamten Stichprobe für Käufer-, Zielund Gemeinschaftsunternehmen betrachtet. Danach wird in Abschnitt 5.2 die Stichprobe entlang der identifizierten Erfolgsdeterminanten geteilt. Dadurch wird der Einfluss einzelner Determinanten auf den Transaktionserfolg getestet. Im dritten Schritt wird mithilfe der beschriebenen multivariaten Querschnittsregression die Stärke des Einflusses der Determinanten unter Berücksichtigung der Interdependenzen zwischen den einzelnen Determinanten analysiert.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 69.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 89.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

o

  • Barclay, Michael J./ Warner, Jerold B. (1993): Stealth trading and volatility: Which trades move prices?, in: Journal of Financial Economics, Vol. 34, Nr. 3, S. 281–305.

    Article  Google Scholar 

  • Schwert, G. William (1996): Markup pricing in mergers and acquisitions, in: Journal of Financial Economics, Vol. 41, Nr. 2, S. 153–192.

    Article  Google Scholar 

  • Mentz, Markus (2006): Mergers & Acquisitions in der Automobilzulieferindustrie-Wertschöpfungspotenziale durch internationale Positionierung, Wiesbaden: Deutscher Universitäts-Verlag., S. 104.

    Google Scholar 

  • Mitchell, Mark L./ Mulherin, J. Harold (1996): The impact of industry shocks on takeover and restructuring activity, in: Journal of Financial Economics, Vol. 41, Nr. 2, S. 193–229.

    Article  Google Scholar 

  • Mulherin, J. Harold/ Boone, Audra L. (2000): Comparing acquisitions and divestitures, in: Journal of Corporate Finance, Vol. 6, Nr. 2, S. 117–139.

    Article  Google Scholar 

  • DeLong, Gayle/ DeYoung, Robert (2003): Learning from Capital Markets: Evidence from Commercial Bank M&As, FMA Annual Meeting, Denver., S. 18.

    Google Scholar 

  • Hawawini, Gabriel/ Swary, Itzhak (1990): Mergers and Acquisitions in the U.S. Banking Industry-Evidence from the Capital Markets, Amsterdam: North-Holland., S. 127

    Google Scholar 

  • Houston, Joel F./ Ryngaert, Michael D. (1994): The overall gains from large bank mergers, in: Journal of Banking & Finance, Vol. 18, Nr. 6, S. 1155–1176.

    Article  Google Scholar 

  • Helmke, Björn (2006): Das grosse Fressen: Ursache und Wirkung, in: M&A in der Logistik, hrsg. von Jung, Klaus-Peter, Hamburg: Deutscher Verkehrs-Verlag, S. 11–18.

    Google Scholar 

  • Morck, Randall/ Shleifer, Andrei/ Vishny, Robert W. (1990): Do Managerial Objectives Drive Bad Acquisitions?, in: Journal of Finance, Vol. 45, Nr. 1, S. 31–48.

    Article  Google Scholar 

  • DeLong, Gayle (2001): Stockholder gains from focusing versus diversifying bank mergers, in: Journal of Financial Economics, Vol. 59, Nr. 2, S. 221–252.

    Article  Google Scholar 

  • Cornett, Marcia Millon/ Hovakimian, Gayane/ Palia, Darius/ Tehranian, Hassan (2003): The impact of the manager-shareholder conflict on acquiring bank returns, in: Journal of Banking & Finance, Vol. 27, Nr. 1, S. 103–131.

    Article  Google Scholar 

  • Fuller, K./ Netter, J./ Stegemoller, M. (2002): What do Returns to acquiring Firms tell us? Evidence from Firms that make many Acquisitions, in: Journal of Finance, Vol. 57, Nr. 4, S. 1763–1793.

    Article  Google Scholar 

  • Rosenfeld, James D. (1984): Additional Evidence on the Relation between Divestiture Announcements and Shareholder Wealth, in: Journal of Finance, Vol. 39, Nr. 5, S. 1437–1448.

    Article  Google Scholar 

  • Hege, Ulrich/ Lovo, Stefano/ Slovin, Myron B./ Sushka, Marie E. (2004): What is the Magic in Equity Deals? Theory and Evidence on the Means of Payment in Asset Sales, in: http://www.sbs.ox.ac.uk/downloads/ulrich-haege-112204.pdf, abgerufen: 07.03.2007., S. 1.

    Google Scholar 

  • Myers, Stewart C./ Majluf, Nicholas S. (1984): Corporate financing and investment decisions when firms have information that investors do not have, in: Journal of Financial Economics, Vol. 13, Nr. 2, S. 187–221.

    Article  Google Scholar 

  • Mulherin, J. Harold/ Boone, Audra L. (2000): Comparing acquisitions and divestitures, in: Journal of Corporate Finance, Vol. 6, Nr. 2, S. 117–139.

    Article  Google Scholar 

  • Altunbas, Yener/ Marques Ibánez, David (2004): Mergers and Acquisitions and Bank Performance in Europe. The Role of strategic Similarities. Working Paper No. 398, European Central Bank, Frankfurt.

    Google Scholar 

  • DeLong, Gayle (2001): Stockholder gains from focusing versus diversifying bank mergers, in: Journal of Financial Economics, Vol. 59, Nr. 2, S. 221–252.

    Article  Google Scholar 

  • Trifts, Jack W./ Scanlon, Kevin P. (1987): Interstate Bank Mergers: The Early Evidence, in: Journal of Financial Research, Vol. 10, Nr. 4, S. 305–311.

    Google Scholar 

  • Hawawini, Gabriel/ Swary, Itzhak (1990): Mergers and Acquisitions in the U.S. Banking Industry-Evidence from the Capital Markets, Amsterdam: North-Holland., S. 138.

    Google Scholar 

  • Wall, Larry D./ Gup, Benton E. (1989): Market Valuation Effects of Bank Acquisitions, in: Bank Mergers: Current Issues and Perspectives, hrsg. von Gup, Benton E., Boston et al.: Kluwer Academic Publishers, S. 107–120.

    Google Scholar 

  • Beitel, Patrick/ Schiereck, Dirk/ Wahrenburg, Mark (2004): Explaining M&A Success in European Banks, in: European Financial Management, Vol. 10, Nr. 1, S. 109–139.

    Article  Google Scholar 

  • Lorenz, Johannes-Tobias (2006): European Banking M&A—Die Kapitalmarktperspektive, Wiesbaden: Deutscher Universitäts-Verlag., S. 704.

    Google Scholar 

  • Servaes, Henri (1991): Tobin’s Q and Gains from Takeovers, in: Journal of Finance, Vol. 46, Nr. 1, S. 409–419.

    Article  Google Scholar 

  • Lang, Larry H. P./ Stulz, Rene M./ Walkling, Ralph A. (1989): Managerial performance, Tobin’s Q, and the gains from successful tender offers, in: Journal of Financial Economics, Vol. 24, Nr. 1, S. 137–154.

    Article  Google Scholar 

  • Beitel, Patrick/ Schiereck, Dirk/ Wahrenburg, Mark (2004): Explaining M&A Success in European Banks, in: European Financial Management, Vol. 10, Nr. 1, S. 241.

    Article  Google Scholar 

  • Haleblian, Jerayr/ Finkelstein, Sydney (1999): The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective, in: Administrative Science Quarterly, Vol. 44, Nr. 1, S. 29–56.

    Article  Google Scholar 

  • Zollo, Maurizio/ Leshchinkskii, Dima (2000): Can Firms Learn to Acquire? Do Markets Notice?, in: Working Paper Financial Institutions Center, The Wharton School, Nr. 1, S. 1–33.

    Google Scholar 

  • Moeller, Sara B./ Schlingemann, Frederik P./ Stulz, René M. (2004): Firm size and the gains from acquisitions, in: Journal of Financial Economics, Vol. 73, Nr. 2, S. 201–228.

    Article  Google Scholar 

  • Moeller, Sara B./ Schlingemann, Frederik P./ Stulz, René M. (2005): Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave, in: Journal of Finance, Vol. 60, Nr. 2, S. 757–782.

    Article  Google Scholar 

  • Sung, Hyun Mo (1993): The Effects of Overpayment and Form of Financing on Bidder Returns in Mergers and Tender Offers, in: Journal of Financial Research, Vol. 16, Nr. 4, S. 351–365.

    Google Scholar 

  • Madura, Jeff/ Wiant, Kenneth J. (1994): Long-term valuation effects of bank acquisitions, in: Journal of Banking & Finance, Vol. 18, Nr. 6, S. 1135–1154.

    Article  Google Scholar 

  • Jensen, Michael C. (1986): Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, in: American Economic Review, Vol. 76, Nr. 2, S. 323–329.

    Google Scholar 

  • Hitt, Michael/ Harrison, Jeffrey/ Ireland, R. Duane/ Best, Aleta (1998): Attributes of Successful and Unsuccessful Acquisitions of US Firms, in: British Journal of Management, Vol. 9, Nr. 2, S. 91–114.

    Article  Google Scholar 

  • Easterbrook, Frank H. (1984): Two Agency-Cost Explanations of Dividends, in: American Economic Review, Vol. 74, Nr. 4, S. 650–659.

    Google Scholar 

  • Brockhaus, Michael (2006): Die Zersplitterung des Marktes—Treiber für Mergers & Acquisitions in der Logistikbranche, in: Mergers & Acquisitions in der Logistik, hrsg. von Jung, Klaus-Peter, Hamburg: Deutscher Verkehrs-Verlag, S. 35–42.

    Google Scholar 

  • Langley, John (2007): 2007 Third-Party Logistics-The State of Logistics Outsourcing Atlanta., S. 14.

    Google Scholar 

  • Eckey, Hans-Friedrich/ Kosfeld, Reinhold/ Dreger, Christian (2006): Ökonometrie: Grundlagen, Methoden, Beispiele, 3, Wiesbaden: Gabler.

    Google Scholar 

  • Backhaus, Klaus/ Erichson, Bernd/ Plinke, Wulff/ Weiber, Rolf (2006): Multivariate Analysemethoden-Eine anwendungsorientierte Einführung, Berlin et al.: Springer., S. 92

    Google Scholar 

  • Poddig, Thorsten/ Dichtl, Hubert/ Petersmeier, Kerstin (2003): Statistik, Ökonometrie, Optimierung-Methoden und ihre praktischen Anwendungen in Finanzanalyse und Portfoliomanagement, 3. erweiterte Auflage, Bad Soden/Ts.: Uhlenbruch., S. 236

    Google Scholar 

  • Schroeder, Larry D./ Sjoquist, David L./ Stephan, Paula E. (1986): Understanding Regression Analysis: An Introductory Guide, Beverly Hills et al.: Sage Publications., S. 57.

    Google Scholar 

  • Chatterjee, Samprit/ Price, Bertram (1991): Praxis der Regressionsanalyse, 2, München: Oldenbourg., S. 202.

    Google Scholar 

  • Danbolt, Jo (2004): Target Company Cross-border Effects in Acquisitions into the UK, in: European Financial Management, Vol. 10, Nr. 1, S. 83–108.

    Article  Google Scholar 

  • Kmenta, Jan (1997): Elements of Econometrics, 2, New York: University of Michigan Press., S. 417.

    Google Scholar 

  • Schroeder, Larry D./ Sjoquist, David L./ Stephan, Paula E. (1986): Understanding Regression Analysis: An Introductory Guide, Beverly Hills et al.: Sage Publications.

    Google Scholar 

  • Chatterjee, Samprit/ Price, Bertram (1991): Praxis der Regressionsanalyse, 2, München: Oldenbourg., S. 251f.

    Google Scholar 

  • Dillon, William R./ Goldstein, Matthew (1984): Multivariate Analysis—Methods and Applications, New York et al.: John Wiley & Sons., S. 235ff.

    Google Scholar 

  • Backhaus, Klaus/ Erichson, Bernd/ Plinke, Wulff/ Weiber, Rolf (2006): Multivariate Analysemethoden-Eine anwendungsorientierte Einführung, Berlin et al.: Springer.

    Google Scholar 

  • Backhaus, Klaus/ Erichson, Bernd/ Plinke, Wulff/ Weiber, Rolf (2006): Multivariate Analysemethoden-Eine anwendungsorientierte Einführung, Berlin et al.: Springer., S. 97.

    Google Scholar 

  • Hawawini, Gabriel/ Swary, Itzhak (1990): Mergers and Acquisitions in the U.S. Banking Industry-Evidence from the Capital Markets, Amsterdam: North-Holland., S. 136.

    Google Scholar 

  • Houston, Joel F./ James, Christopher M./ Ryngaert, Michael D. (2001): Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders, in: Journal of Financial Economics, Vol. 60, Nr. 2-3, S. 285–331.

    Article  Google Scholar 

  • Berry, S. Keith (2000): Excess Returns in Electric Utility Mergers during Transition to Competition, in: Journal of Regulatory Economics, Vol. 18, Nr. 2, S. 175–188.

    Article  Google Scholar 

Download references

Rights and permissions

Reprints and permissions

Copyright information

© 2008 Gabler | GWV Fachverlage GmbH, Wiesbaden

About this chapter

Cite this chapter

(2008). Empirische Ergebnisse zum Transaktionserfolg. In: Transaktionserfolg von Mergers & Acquisitions in der Logistik. Gabler. https://doi.org/10.1007/978-3-8349-9980-1_5

Download citation

Publish with us

Policies and ethics