mergers, acquisitions, and corporate restructuring an overview文档.pdfVIP

P1: OTA/XYZ P2: ABC JWBT448-c01 JWBT448-Baker February 12, 2011 15:22 Printer Name: Hamilton CHAPTER 1 Mergers, Acquisitions, and Corporate Restructuring: An Overview L H. KENT BAKER University Professor of Finance and Kogod Research Professor, American University A I HALIL KIYMAZ R Bank of America Chair and Professor of Finance, Rollins College E T A M INTRODUCTION D An important question in finance is whether managerial actions create market value or shareholder wealth. Neoclassical economic theory assumes that corporate E management acts to maximize shareholder wealth. Studies involving mergers and T acquisitions (MAs) directly examine this issue. Such studies, which are relevant H to shareholders, managers, regulators, and other stakeholders, show considerable variation in their results. Thus, debate continues about both the short-term and G long-term performance of MAs. As markets become more integrated, MAs I continue to be a hot topic in both academia and the business world. Given the R frequency of these activities, business