|
[1]
|
Jansen, S.A. (2004) Management von Unternehmenszusammenschlüssen—Theorien, Thesen, Tests und Tools. Stuttgart.
|
|
[2]
|
Meckl, R. (2012) Akteure, Marktentwicklung, aktuelle Themen. In: Ballwieser, W. and Hippe, A., Eds., Mergers & Acquisitions: 66. Deutscher Betriebswirtschafter-Tag 2012, Fachverlag Verlagsgruppe Handelsblatt, Düsseldorf, 1-28.
|
|
[3]
|
Müller-Stewens, G. (2010) M&A als Wellen-Phanomen: Analyse und Erklarungsansatz. In: Müller-Stewens, G., Kunisch, S. and Binder, A., Eds., Mergers & Acquisitions, Analysen, Trends und Best Practices, Schaffer-Poeschel, Stuttgart, 14-44.
|
|
[4]
|
Bruner, R.F. (2004) Applied Mergers and Acquisitions. Wiley, Hoboken.
|
|
[5]
|
DePamphilis, D.M. (2011) Mergers and Acquisitions Basics—All You Need to Know. Amsterdam.
|
|
[6]
|
Harford, J. (2005) What Drives Merger Waves? Journal of Financial Economics, 77, 529-560.
http://dx.doi.org/10.1016/j.jfineco.2004.05.004
|
|
[7]
|
Shleifer, A. and Vishny, R.W. (2003) Stock Market Driven Acquisitions. Journal of Financial Economics, 70, 295-311.
http://dx.doi.org/10.1016/S0304-405X(03)00211-3
|
|
[8]
|
Tschoke, K. and Klemen, B. (2012) M&A “in the New Normal”: Kann der M&A-Markt vom positiven Kapitalmarkt profitieren? M&A Review, 4, 173-177.
|
|
[9]
|
Brealey, R.A., Myers, S.C. and Allen, F. (2011) Principles of Corporate Finance. 10th Edition, McGraw-Hill/Irwin, New York.
|
|
[10]
|
Brealey, R.A. and Myers, S.C. (1996) Principles of Corporate Finance. 5th Edition, McGraw-Hill/Irwin, New York.
|
|
[11]
|
Brealey, R.A., Myers, S.C. and Marcus, A.J. (2003) Fundamentals of Corporate Finance. 3rd Edition, McGraw-Hill/Irwin, Boston.
|
|
[12]
|
Müller-Stewens, G. (2009) Die Herde verhalt sich prozyklisch. Swiss Equity, 17, 15-19.
|
|
[13]
|
Müller-Stewens, G. (2007) Die sechste M&A Welle: Charakteristika und Treiber. In: Menz, M., Ebersbach, L. and Menges, J., Eds., Mergers & Acquisitions, Von der Strategie zur Integration, Schaffer-Poeschel, Bern, 27-40.
|
|
[14]
|
Gebken, T. (2009) The Dynamics within Merger Waves—Evidence from the Industry Merger Waves of the 1990s. München.
|
|
[15]
|
Gartner, D.L. and Halbheer, D. (2009) Are There Waves in Merger Activity after All? International Journal of Industrial Organization, 27, 708-718. http://dx.doi.org/10.1016/j.ijindorg.2009.03.003
|
|
[16]
|
Bucher, M.C. (2011) Der deutsche Markt für Unternehmenskontrolle von 1998 bis 2009—Eine empirische Analyse der Wellentheorie. Saarbrücken.
|
|
[17]
|
Erlei, M., Leschke, M. and Sauerland, D. (2007) Neue Institutionenokonomik. 2nd Edition, Schaffer-Poeschel, Stuttgart.
|
|
[18]
|
Rhodes-Kropf, M. and Robinson, D.T. (2008) The Market for Mergers and the Boundaries of the Firm. The Journal of Finance, 63, 1169-1211.
|
|
[19]
|
Lipton, M. (2006) Merger Waves in the 19th, 20th and 21st Centuries. The Davies Lecture, Osgoode Hall Law School, York University.
|
|
[20]
|
Gort, M. (1969) An Economic Disturbance Theory of Mergers. The Quarterly Journal of Economics, 83, 624-642.
http://dx.doi.org/10.2307/1885453
|
|
[21]
|
Jovanovic, B. and Rousseau, P.L. (2008) Mergers as Reallocation. The Review of Economics and Statistics, 90, 765-776.
|
|
[22]
|
Nelson, R.L. (1959) Merger Movements in American Industry, 1895-1954. Princeton.
|
|
[23]
|
Mitchell, M.L. and Mulherin, J.H. (1996) The Impact of Industry Shocks on Takeover and Restructuring Activity. Journal of Financial Economics, 41, 193-229. http://dx.doi.org/10.1016/0304-405X(95)00860-H
|
|
[24]
|
Andrade, G., Mitchell, M. and Stafford, E. (2001) New Evidence and Perspectives on Mergers. The Journal of Economic Perspectives, 15, 103-120. http://dx.doi.org/10.1257/jep.15.2.103
|
|
[25]
|
Maksimovic, V. and Phillips, G. (2001) The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains? The Journal of Finance, 56, 2019-2065.
http://dx.doi.org/10.1111/0022-1082.00398
|
|
[26]
|
Alvarez, L.H.R. and Keppo, J. (2002) The Impact of Delivery Lags on Irreversible Investment under Uncertainty. European Journal of Operational Research, 136, 173-180.
http://dx.doi.org/10.1016/S0377-2217(01)00057-1
|
|
[27]
|
Alvarez, L.H.R. and Stenbacka, R. (2004) Optimal Risk Adoption: A Real Options Approach. Economic Theory, 23, 123-147. http://dx.doi.org/10.1007/s00199-002-0349-9
|
|
[28]
|
Lambrecht, B.M. (2004) The Timing and Terms of Mergers Motivated by Economies of Scale. Journal of Financial Economics, 72, 41-62. http://dx.doi.org/10.1016/j.jfineco.2003.09.002
|
|
[29]
|
Morellec, E. and Zhdanov, A. (2005) The Dynamics of Mergers and Acquisitions. Journal of Financial Economics, 77, 649-672. http://dx.doi.org/10.1016/j.jfineco.2004.10.009
|
|
[30]
|
Thijssen, J.J.J. (2008) Optimal and Strategic Timing of Mergers and Acquisitions Motivated by Synergies and Risk Diversification. Journal of Economic Dynamics and Control, 32, 1701-1720.
http://dx.doi.org/10.1016/j.jedc.2007.06.016
|
|
[31]
|
Gugler, K., Mueller, D.C. and Yurtoglu, B.B. (2006) The Determinants of Merger Waves.
|
|
[32]
|
Perridon, L., Steiner, M. and Rathgeber, A.W. (2009) Finanzwirtschaft der Unternehmung. 15th Edition, Vahlen Verlag, München.
|
|
[33]
|
Rhodes-Kropf, M. and Viswanathan, S. (2004) Market Valuation and Merger Waves. The Journal of Finance, 59, 2685-2718. http://dx.doi.org/10.1111/j.1540-6261.2004.00713.x
|
|
[34]
|
Dong, M., Hirshleifer, D., Richardson, S. and Teoh, S.H. (2006) Does Investor Misvaluation Drive the Takeover Market? The Journal of Finance, 61, 725-762.
http://dx.doi.org/10.1111/j.1540-6261.2006.00853.x
|
|
[35]
|
Ang, J.S. and Cheng, Y. (2006) Direct Evidence on the Market-Driven Acquisition Theory. Journal of Financial Research, 29, 199-216. http://dx.doi.org/10.1111/j.1475-6803.2006.00174.x
|
|
[36]
|
Martynova, M. and Renneboog, L. (2008) A Century of Corporate Takeovers: What Have We Learned and Where Do We Stand? Journal of Banking & Finance, 32, 2148-2177.
http://dx.doi.org/10.1016/j.jbankfin.2007.12.038
|
|
[37]
|
Gaughan, P.A. (1996) Mergers, Acquisitions, and Corporate Restructurings. New York.
|
|
[38]
|
Beitel, P. (2002) Akquisitionen und Zusammenschlüsse europaischer Banken—Wertsteigerung durch M&A Transaktionen. Deutscher Universitatsverlag, Wiesbaden.
|
|
[39]
|
Pauser, S.H. (2007) M&A in der Bauindustrie—Werteffekte und Erfolgsdeterminanten. Wiesbaden.
|
|
[40]
|
Jensen, M.C. and Ruback, R.S. (1983) The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics, 11, 5-50. http://dx.doi.org/10.1016/0304-405X(83)90004-1
|
|
[41]
|
Meckl, R. (2010) Internationales Management. 2nd Edition, Vahlen Verlag, München.
|
|
[42]
|
Lenel, H.O. (1992) über den Markt für Unternehmenskontrolle. In: Groner, H., Ed., Der Markt für Unternehmenskontrollen, Walter de Gruyter & Co., Berlin, 9-26.
|
|
[43]
|
Financial Times Deutschland (2004) Agenda: M&Assenvermahlung.
http://www.ftd.de/unternehmen/finanzdienstleister/:agenda-m-assenvermaehlung/1102756028113.
html
|
|
[44]
|
Scharfstein, D.S. and Stein, J.C. (1990) Herd Behavior and Investment. The American Economic Review, 80, 465-479.
|
|
[45]
|
Devenow, A. and Welch, I. (1996) Rational Herding in Financial Economics. European Economic Review, 40, 603-615. http://dx.doi.org/10.1016/0014-2921(95)00073-9
|
|
[46]
|
Graham, J.R. (1999) Herding among Investment Newsletters: Theory and Evidence. The Journal of Finance, 54, 237-268. http://dx.doi.org/10.1111/0022-1082.00103
|
|
[47]
|
Nilssen, T. and Sorgard, L. (1998) Sequential Horizontal Mergers. European Economic Review, 42, 1683-1702.
http://dx.doi.org/10.1016/S0014-2921(97)00102-5
|
|
[48]
|
Fauli-Oller, R. (2000) Takeover Waves. Journal of Economics & Management Strategy, 9, 189-210.
http://dx.doi.org/10.1111/j.1430-9134.2000.00157.x-i1
|
|
[49]
|
Qiu, L.D. and Zhou, W. (2007) Merger Waves: A Model of Endogenous Mergers. The RAND Journal of Economics, 38, 214-226. http://dx.doi.org/10.1111/j.1756-2171.2007.tb00052.x
|
|
[50]
|
Salant, S.W., Switzer, S. and Reynolds, R.J. (1983) Losses from Horizontal Merger: The Effects of an Exogenous Change in Industry Structure on Cournot-Nash Equilibrium. The Quarterly Journal of Economics, 98, 185-199.
http://dx.doi.org/10.2307/1885620
|
|
[51]
|
Lieberman, M.B. and Montgomery, D.B. (1988) First-Mover Advantages. Strategic Management Journal, 9, 41-58.
http://dx.doi.org/10.1002/smj.4250090706
|
|
[52]
|
Bouwman, C.H.S., Fuller, K. and Nain, A.S. (2009) Market Valuation and Acquisition Quality: Empirical Evidence. Review of Financial Studies, 22, 633-679. http://dx.doi.org/10.1093/rfs/hhm073
|
|
[53]
|
Thorp, W.L. (1931) The Persistence of the Merger Movement. The American Economic Review, 21, 77-89.
|
|
[54]
|
Nelson, R.L. (1966) Business Cycle Factors in the Choice between Internal and External Growth. In: Alberts, W.W. and Segall, J.E., Eds., The Corporate Merger, The University of Chicago Press, Chicago, 52-66.
|
|
[55]
|
Steiner, P.O. (1975) Mergers: Motives, Effects, Policies. Michigan.
|
|
[56]
|
Melicher, R.W., Ledolter, J. and D’Antonio, L.J. (1983) A Time Series Analysis of Aggregate Merger Activity. The Review of Economics and Statistics, 65, 423-430. http://dx.doi.org/10.2307/1924187
|
|
[57]
|
Geroski, P.A. (1984) On the Relationship between Aggregate Merger Activity and the Stock Market. European Economic Review, 25, 223-233. http://dx.doi.org/10.1016/0014-2921(84)90005-9
|
|
[58]
|
Golbe, D.L. and White, L.J. (1988) A Time Series Analysis of Mergers and Acquisitions in the US Economy. In: Auerbach, A.J., Ed., Corporate Takeovers, University of Chicago Press, Chicago, 265-309.
|
|
[59]
|
Jovanovic, B. and Rousseau, P.L. (2001) Mergers and Technological Change: 1885-1998.
|
|
[60]
|
Rhodes-Kropf, M., Robinson, D.T. and Viswanathan, S. (2005) Valuation Waves and Merger Activity: The Empirical Evidence. Journal of Financial Economics, 77, 561-603.
|
|
[61]
|
Kusewitt Jr., J.B. (1985) An Exploratory Study of Strategic Acquisition Factors Relating to Performance. Strategic Management Journal, 6, 151-169. http://dx.doi.org/10.1002/smj.4250060205
|
|
[62]
|
Bamberger, B. (1994) Der Erfolg von Unternehmensakquisitionen in Deutschland: Eine theoretische und empirische Untersuchung. Bergisch Gladbach, Koln.
|
|
[63]
|
Wübben, B. (2007) German Mergers & Aquisitions in the USA: Transaction Management and Success. Wiesbaden.
|
|
[64]
|
Schiereck, D. and Erxleben, U. (2010) M&A Erfolg im gesamtwirtschaftlichen Umfeld. In: Müller-Stewens, G., Kunisch, S. and Binder, A., Eds., Mergers & Acquisitions: Analysen, Trends und Best Practices, Schaffer-Poeschel, Stuttgart, 153-167.
|
|
[65]
|
Bohmer, E. and Loffler, Y. (1997) Kursrelevante Ereignisse bei Unternehmensübernahmen: Eine empirische Analyse des deutschen Kapitalmarkts.
|
|
[66]
|
Dorr, T. (2000) Grenzüberschreitende Unternehmensakquisitionen: Erfolg und Einflussfaktoren. Wiesbaden.
|
|
[67]
|
Kengelbach, J., le Grand, H. and Ross, A. (2003) Erfolg von M&A-Transaktionen in Downturns: Empirische Untersuchung der pro Jahr grobten US-Transaktionen seit 1975. Finanz Betrieb, 5, 72-78.
|
|
[68]
|
Picken, L.G. (2003) Unternehmensvereinigungen und Shareholder Value. Frankfurt am Main.
|
|
[69]
|
The Boston Consulting Group (2003) Winning through Mergers in Lean Times: The Hidden Power of Mergers and Acquisitions in Periods of Below-Average Economic Growth.
http://www.bcg.be/documents/file14187.pdf
|
|
[70]
|
Kerler, P. (1999) Mergers & Acquistions und Shareholder Value. Bern.
|
|
[71]
|
Roll, R. (1988) Empirical Evidence on Takeover Activity and Shareholder Wealth. In Coffee Jr., J.C., Lowenstein, L. and Rose-Ackerman, S., Eds., Knights, Raiders, and Targets: The Impact of the Hostile Takeover, Oxford University Press, Oxford, 241-252.
|
|
[72]
|
Ravenscraft, D.J. and Scherer, F.M. (1987) Mergers, Sell-Offs, and Economic Efficiency. Washington DC.
|
|
[73]
|
Mubhoff, J. (2007) Erfolgreiche M&A-Transaktionen in der europaischen Bankenindustrie. Deutscher Universitats-Verlag, Wiesbaden.
|
|
[74]
|
Rothenbücher, J. (2010) Fressen und gefressen werden. Das Derivat, 9, 1-2.
|
|
[75]
|
Kearney, A.T. (2010) Who Dares Wins: Leveraging Downturns to Make Acquisitions.
http://www.atkearney.de/documents/856314/1214942/EB_Who_dares_Wins.pdf/
|
|
[76]
|
Tichy, R. and Borsch, A. (2013) Euro-Krise, Unsicherheit und M&A: Warum werden Risiken überschatzt? In Deloitte M&A-Forum, S. 4-7.
www.2.deloitte.com/.../dam/Deloitte/.../MA%20Sonderausgabe%202013.pdf
|
|
[77]
|
Myers, S.C. and Majluf, N.S. (1984) Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13, 187-221.
http://dx.doi.org/10.1016/0304-405X(84)90023-0
|
|
[78]
|
Jensen, M.C. (1986) Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76, 323-329. http://dx.doi.org/10.1016/0304-405X(83)90004-1
|
|
[79]
|
Tappeiner, F.T. (2010) Structure and Determinants of Financial Covenants in Leveraged Buyouts. München.
|
|
[80]
|
Gorton, G., Kahl, M. and Rosen, R.J. (2009) Eat or Be Eaten: A Theory of Mergers and Firm Size. The Journal of Finance, 64, 1291-1344. http://dx.doi.org/10.1111/j.1540-6261.2009.01465.x
|
|
[81]
|
The Boston Consulting Group (2007) The Brave New World of M&A: How to Create Value from Mergers & Acquisitions. http://www.bcg.de/documents/file15069.pdf
|
|
[82]
|
Rau, R.P. and Vermaelen, T. (1998) Glamour, Value and the Post-Acquisition Performance of Acquiring Firms. Journal of Financial Economics, 49, 223-253. http://dx.doi.org/10.1016/S0304-405X(98)00023-3
|
|
[83]
|
Walkling, R.A. and Edmister, R.O. (1985) Determinants of Tender Offer Premiums. Financial Analysts Journal, 41, 27-37. http://dx.doi.org/10.2469/faj.v41.n1.27
|
|
[84]
|
Varaiya, N.P. (1987) Determinants of Premiums in Acquisition Transactions. Managerial and Decision Economics, 8, 175-184. http://dx.doi.org/10.1002/mde.4090080302
|
|
[85]
|
Lucks, K. and Meckl, R. (2002) Internationale Mergers & Acquisitions: Der prozessorientierte Ansatz. Berlin.
|
|
[86]
|
Vogel, D.H. (2002) M&A: Ideal und Wirklichkeit. Wiesbaden.
|
|
[87]
|
Reimann, B.C. (1989) Creating Value to Keep the Raiders at Bay. Long Range Planning, 22, 18-27.
http://dx.doi.org/10.1016/0024-6301(89)90003-4
|
|
[88]
|
Brosius, F. (2011) SPSS 19. Heidelberg.
|
|
[89]
|
Backhaus, K., Erichson, B., Plinke, W. and Weiber, R. (2008) Multivariate Analysemethoden: Eine anwendungsorientierte Einführung. 12th Edition, Springer Verlag, Heidelberg.
|
|
[90]
|
Bühner, R. (1990) Erfolg von Unternehmenszusammenschlüssen in der Bundesrepublik Deutschland. Stuttgart.
|
|
[91]
|
Gerpott, T.J. (1993) Integrationsgestaltung und Erfolg von Unternehmensakquisitionen. Stuttgart.
|
|
[92]
|
Ghosh, A. (2001) Does Operating Performance Really Improve Following Corporate Acquisitions? Journal of Corporate Finance, 7, 151-178. http://dx.doi.org/10.1016/S0929-1199(01)00018-9
|
|
[93]
|
Martynova, M., Oosting, S. and Renneboog, L. (2007) The Long-Term Operating Performance in European Mergers and Acquisitions. In: Gregoriou, G.N. and Renneboog, L., Eds., International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis, Amsterdam, Wiley-Blackwell, 79-116.
|
|
[94]
|
Hartung, J., Elpert, B. and Klosener, K.H. (2009) Statistik-Lehr: Und Handbuch der angewandten Statistik. 15th Edition, Oldenbourg Wissenschaftsverlag, München.
|
|
[95]
|
Piazolo, M. (2007) Statistik für Wirtschaftswissenschaftler: Daten sinnvoll aufbereiten, analysieren und interpretieren. Karlsruhe.
|
|
[96]
|
Gebert, T. (1997) Borsenzyklen. Kulmbach.
|
|
[97]
|
Schittler, R. and Michalky, M. (2008) Das grobe Buch der Borse. Finanzbuch Verlag GmbH, München.
|
|
[98]
|
Carow, K., Heron, R. and Saxton, T. (2004) Do Early Birds Get the Returns? An Empirical Investigation of Early-Mover Advantages in Acquisitions. Strategic Management Journal, 25, 563-585.
http://dx.doi.org/10.1002/smj.404
|
|
[99]
|
McNamara, G., Haleblian, J. and Dykes, B. (2008) The Performance Implications of Participating in an Acquisition Wave: Early Mover Advantages, Bandwagon Effects, and the Moderating Influence of Industry Characteristics and Acquirer Tactics. The Academy of Management Journal, 51, 113-130. http://dx.doi.org/10.5465/AMJ.2008.30755057
|
|
[100]
|
Alexandridis, G., Petrie Fuller, K., Terhaar, L. and Travlos, N.G. (2012) Deal Size, Acquisition Premia and Shareholder Gains. SSRN eLibrary, Arbeitspapier, SSRN. http://ssrn.com/paper=1782930
|
|
[101]
|
The Boston Consulting Group (2012) Plant and Prune: How M&A Can Grow Portfolio Value.
https://www.bcgperspectives.com/content/articles/mergers_acquisitions_divestitures_plant_and_pru
ne_m_and_a_2012/
|
|
[102]
|
Meckl, R., Sodeik, N. and Fischer, L. (2006) Erfolgsfaktoren für Mergers & Acquisitions: Ergebnisse einer empirischen Studie. In: Seidenschwarz, W., Ed., Prozessorientiertes M&A Management, München, 163-181.
|