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Mergers, Antitrust Law Enforcement and Stockholder Returns

1976; Wiley; Volume: 31; Issue: 2 Linguagem: Alemão

10.2307/2326638

1540-6261

James C. Ellert,

Merger and Competition Analysis

The Journal of FinanceVolume 31, Issue 2 p. 715-732 Session Topic: Finance and Industrial Organization MERGERS, ANTITRUST LAW ENFORCEMENT AND STOCKHOLDER RETURNS James C. Ellert, James C. EllertSchool of Business, Queen's University, Kingston, Canada. This paper is adapted from a section of my Ph.D. dissertation completed at the University of Chicago in 1975. I am indebted to my thesis committee: Yale Brozen (Chairman), Eugene F. Fama, Nicholas Gonedes, Merton H. Miller, Sam Peltzman, Richard A. Posner; and to Michael C. Jensen and John B. Long, Jr. for helpful comments on earlier presentations of some of this material.Search for more papers by this author James C. Ellert, James C. EllertSchool of Business, Queen's University, Kingston, Canada. This paper is adapted from a section of my Ph.D. dissertation completed at the University of Chicago in 1975. I am indebted to my thesis committee: Yale Brozen (Chairman), Eugene F. Fama, Nicholas Gonedes, Merton H. Miller, Sam Peltzman, Richard A. Posner; and to Michael C. Jensen and John B. Long, Jr. for helpful comments on earlier presentations of some of this material.Search for more papers by this author First published: May 1976 https://doi.org/10.1111/j.1540-6261.1976.tb01916.xCitations: 94 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat REFERENCES 1 American Bar Association. Merger Case Digest 1971, Chicago, American Bar Association, Section of Antitrust Law (1970). 2Ray, Ball. "Risk, Return and Disequilibrium: An Application to Changes in Accounting Techniques," Journal of Finance Volume XXVI, No. 2 (1971), 343–353. 3Fischer Black, Michael C. Jensen, and Myron, Scholes. " The Capital Asset Pricing Model: Some Empirical Tests," in C. Jensen Michael (Editor), Studies in the Theory of Capital Markets, New York, Praeger Publishers (1972), 79–121. 4 CCH. Trade Regulation Reports, New York, Commerce Clearing House. 5Donald, Dewey. "Mergers and Cartels: Some Reservations about Policy," American Economic Review Volume LI (May, 1961), 255–262. 6James C. Ellert. " Antitrust Enforcement and the Behaviour of Stock Prices," Unpublished Ph.D. dissertation, Graduate School of Business, University of Chicago (1975). 7Kenneth G. Elzinga, "The Antimerger Law: Pyrrhic Victories?" Journal of Law and Economics Volume 12, No. 1 (1969), 43–78. 8Eugene F. Fama, Lawrence Fisher, Michael C. Jensen, and Richard, Roll. "The Adjustment of Stock Prices to New Information," International Economic Review Volume X, No. 1 (1969), 1–21. 9Eugene F. Fama and James D. MacBeth. "Risk, Return and Equilibrium: Empirical Tests," Journal of Political Economy, Vol. 81, No. 3 (1973), 607–636. 10 Federal Trade Commission, Bureau of Economics. " Large Mergers in Manufacturing and Mining 1948–1971," Statistical Report No. 9, Washington, D.C (1972). 11Lawrence, Fisher. "Some New Stock Market Indexes," Journal of Business Volume XXXIX, Part 2 (January, 1966), 191–225. 12Lawrence, Fisher and James H. Lorie. "Rates of Return on Investments in Common Stock," Journal of Business Volume XLI, No. 3 (1968), 291–316. 13Nicholas J. Gonedes. "Evidence on the Information Content of Accounting Numbers: Accounting-Based Estimates of Systematic Risk," Journal of Financial and Quantitative Analysis Volume 8 (June, 1973), 407–443. 14Paul J. Halpern. 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"Compliance with Divestiture Orders under Section 7 of the Clayton Act," Antitrust Bulletin Volume XVII, No. 1 (1972), 19–180. 21Richard A. Posner. "A Statistical Study of Antitrust Enforcement," Journal of Law and Economics Volume XXIII, No. 2 (1970), 365–419. Citing Literature Volume31, Issue2May 1976Pages 715-732 ReferencesRelatedInformation