Corporate focus and stock returns

Article Abstract:

The 1980s witnessed a change in corporate management strategies among US firms. While diversification was once upheld as a desirable management option during earlier periods, the trend has shifted towards concentration or specialization around a product or service line. This development has emerged as a reaction to the inability of diversified terms to realize economies of scope. Furthermore, diversified firms became easy targets for hostile takeover. The trend towards increased focus was observed to be directly proportional to shareholder stock returns.

Economic aspects, Stockholders, Diversification in industry, Industrial diversification

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The Journal of Financial Economics, a retrospective evaluation, 1974-91

Article Abstract:

The Journal of Financial Economics published 516 papers between 1974 and 1991, with 477 writers contributing, representing 136 institutions, and the number of citations recorded by the Social Science Citation Index for these papers totalled 16,231. The above data is a way to gauge the success of this journal, which has been an important influence in the field of financial economics, thanks to the efforts of all those involved, including editorial staff and referees.

PRINTING AND PUBLISHING, Analysis, Economics, Journal of Financial Economics (Periodical), Economics literature

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Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures

Article Abstract:

All exchange-listed companies between 1975 and 1991 were investigated to refute the general assumption that the advent of sophisticated anti-takeover measures dampened the market for corporate control in the 1980s. Specifically, it is shown that poison pill rights issues, control share laws and business combination laws have not prevented mergers and acquisitions from occurring but have only enhanced firms' bargaining positions.

Research, Evaluation, Acquisitions and mergers, Corporate anti-takeover measures, Antitakeover strategies

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