Abstract

http://ssrn.com/abstract=261112
 
 

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Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s


Bengt R. Holmström


Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

February 2001

MIT Dept. of Economics Working Paper No. 01-11

Abstract:     
This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms appear to have played a larger role in the 1990s. We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.

Number of Pages in PDF File: 46

Keywords: Corporate Governance; Stock Options; Mergers and Acquisitions

JEL Classification: D2, G3, L2, L5

working papers series


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Date posted: February 21, 2001  

Suggested Citation

Holmström, Bengt R. and Kaplan, Steven N., Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s (February 2001). MIT Dept. of Economics Working Paper No. 01-11. Available at SSRN: http://ssrn.com/abstract=261112 or http://dx.doi.org/10.2139/ssrn.261112

Contact Information

Bengt R. Holmström (Contact Author)
Massachusetts Institute of Technology (MIT) - Department of Economics ( email )
50 Memorial Drive
Bldg. E52-271d
Cambridge, MA 02142
United States
617-253-0506 (Phone)
617-253-1330 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Steven Neil Kaplan
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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