FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W1547595489> ?p ?o ?g. }

• W1547595489 abstract "The fifth merger wave in the USA and the parallel fourth merger wave in the UK that occurred in the 1990s was characterised by a large number of acquisitions of firms operating in high technology areas, such as the telecommunications, computers, the Internet, biotechnology, communications etc. These mergers accompanied and, in fact, were triggered by stunningly high market valuations of high technology firms around the world. Value creation logic of these mergers rests on real options, i.e., new growth opportunities with a large scope for valuation errors and potential value destruction. High tech acquisitions are also driven by managerial risk incentives. While the traditional agency model assumes managerial risk aversion and underinvestment in high tech opportunities, the behavioural agency model allows for risk seeking by managers leading possibly to overinvestment. Corporate governance mechanisms can correct both under- and over-investment, thereby ensuring value enhancing high tech acquisitions. In this paper, we estimate long term wealth gains to acquiring firm shareholders following acquisitions of high technology targets. High tech acquisitions of the 1990s greatly underperform industry peers and companies with similar size and book-to-market ratio, thereby destroying shareholder value. However, acquisitions by high tech firms of other high tech firms create value, although ostensibly they multiply risk. Interestingly, we find a negative relationship between management shareholdings and post-acquisition performance of high tech acquisitions. High managerial ownership seems to reduce managers' risk aversion and encourage overinvestment in value diminishing high tech acquisitions. Monitoring mechanisms, such as institutional blockholders, board structures, and board subcommittees, have no moderating effect on managers' overinvestment." @default.
• W1547595489 created "2016-06-24" @default.
• W1547595489 creator A5033428486 @default.
• W1547595489 creator A5055951421 @default.
• W1547595489 date "2004-01-01" @default.
• W1547595489 modified "2023-09-24" @default.
• W1547595489 title "Value Creation in UK High Technology Acquisitions" @default.
• W1547595489 cites W1531341052 @default.
• W1547595489 cites W1532223978 @default.
• W1547595489 cites W1539631699 @default.
• W1547595489 cites W1820131753 @default.
• W1547595489 cites W1863359663 @default.
• W1547595489 cites W1967053015 @default.
• W1547595489 cites W1970481289 @default.
• W1547595489 cites W1979927021 @default.
• W1547595489 cites W1981093901 @default.
• W1547595489 cites W1983751620 @default.
• W1547595489 cites W1989285461 @default.
• W1547595489 cites W1991087735 @default.
• W1547595489 cites W1992673151 @default.
• W1547595489 cites W1996434806 @default.
• W1547595489 cites W1996888963 @default.
• W1547595489 cites W2000578291 @default.
• W1547595489 cites W2012306434 @default.
• W1547595489 cites W2021110736 @default.
• W1547595489 cites W2024620352 @default.
• W1547595489 cites W2028771330 @default.
• W1547595489 cites W2030224548 @default.
• W1547595489 cites W2044854242 @default.
• W1547595489 cites W2048478822 @default.
• W1547595489 cites W2049020679 @default.
• W1547595489 cites W2055189494 @default.
• W1547595489 cites W2057243924 @default.
• W1547595489 cites W2061960606 @default.
• W1547595489 cites W2062294550 @default.
• W1547595489 cites W2063126268 @default.
• W1547595489 cites W2063313351 @default.
• W1547595489 cites W2068518527 @default.
• W1547595489 cites W2070503339 @default.
• W1547595489 cites W2074132263 @default.
• W1547595489 cites W2080211169 @default.
• W1547595489 cites W2095299437 @default.
• W1547595489 cites W2099913964 @default.
• W1547595489 cites W2101346776 @default.
• W1547595489 cites W2103436522 @default.
• W1547595489 cites W2104796460 @default.
• W1547595489 cites W2106145886 @default.
• W1547595489 cites W2111444588 @default.
• W1547595489 cites W2113365101 @default.
• W1547595489 cites W2119621677 @default.
• W1547595489 cites W2124371114 @default.
• W1547595489 cites W2126186544 @default.
• W1547595489 cites W2129188456 @default.
• W1547595489 cites W2129935464 @default.
• W1547595489 cites W2131456352 @default.
• W1547595489 cites W2135183477 @default.
• W1547595489 cites W2135241016 @default.
• W1547595489 cites W2136388022 @default.
• W1547595489 cites W2143686797 @default.
• W1547595489 cites W2148145374 @default.
• W1547595489 cites W2148187747 @default.
• W1547595489 cites W2154718048 @default.
• W1547595489 cites W2156094085 @default.
• W1547595489 cites W2160184254 @default.
• W1547595489 cites W2166522249 @default.
• W1547595489 cites W2184213100 @default.
• W1547595489 cites W2314139024 @default.
• W1547595489 cites W2752617332 @default.
• W1547595489 cites W2810407539 @default.
• W1547595489 cites W2902987049 @default.
• W1547595489 cites W3011865677 @default.
• W1547595489 cites W3121773790 @default.
• W1547595489 cites W3122831108 @default.
• W1547595489 cites W3122859634 @default.
• W1547595489 cites W3123059183 @default.
• W1547595489 cites W3123538495 @default.
• W1547595489 cites W3124114405 @default.
• W1547595489 cites W3124332939 @default.
• W1547595489 cites W3124832804 @default.
• W1547595489 cites W3125554563 @default.
• W1547595489 cites W3125791077 @default.
• W1547595489 cites W4206439541 @default.
• W1547595489 cites W4232137191 @default.
• W1547595489 cites W4237403557 @default.
• W1547595489 cites W4244048416 @default.
• W1547595489 cites W4244702993 @default.
• W1547595489 cites W4252235742 @default.
• W1547595489 cites W4252543056 @default.
• W1547595489 cites W4254895398 @default.
• W1547595489 cites W4254990928 @default.
• W1547595489 cites W4255294820 @default.
• W1547595489 cites W4300567850 @default.
• W1547595489 cites W4376595537 @default.
• W1547595489 cites W761376712 @default.
• W1547595489 doi "https://doi.org/10.2139/ssrn.493762" @default.
• W1547595489 hasPublicationYear "2004" @default.
• W1547595489 type Work @default.
• W1547595489 sameAs 1547595489 @default.
• W1547595489 citedByCount "7" @default.
• W1547595489 countsByYear W15475954892019 @default.

• next