Mergers and acquisitions in shipping

被引：40

作者：

Alexandrou, George ^{[1
]}

Gounopoulos, Dimitrios ^{[2
]}

Thomas, Hardy M. ^{[3
]}

机构：

[1] Univ Kingston, Kingston Business Sch, London KT2 7LB, England

[2] Univ Sussex, Sch Business Management & Econ, Brighton BN1 9RH, E Sussex, England

[3] Univ Essex, Essex Business Sch, Colchester CO4 3SQ, Essex, England

来源：

TRANSPORTATION RESEARCH PART E-LOGISTICS AND TRANSPORTATION REVIEW | 2014年 / 61卷

关键词：

Takeovers; Mergers; Shipping; Abnormal returns; Wealth effects; RETURNS; MANAGEMENT; TAKEOVERS; PAYMENT; MARKET; PERSPECTIVES; PERFORMANCE; FIRMS; US;

D O I：

10.1016/j.tre.2013.11.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this comprehensive study of all shipping mergers and acquisitions from 1984 to 2011 we document that the shareholders of both acquirers and targets realise average abnormal gains of 1.2% and 3.3% respectively and both parties gain more from diversifying than focus-increasing deals. Acquirers gain more when paying with stock, in cross-border deals and from taking over public targets. Targets gain more from cross-border and focus-increasing deals. Regulatory interventions, like the EU repeal of exemption from competition and the US Ocean Shipping Reform Act, affect the marginal merger propensity and this propensity differs significantly across regions. (C) 2013 Elsevier Ltd. All rights reserved.

引用

页码：212 / 234

页数：23