case study作業(yè)要求

 

Bidders Long-run Performance and Market Valuation: Evidence from Mergers and Acquisitions

共5000字

1. 引言Introduction （1000字）

What is the main research question?
Why do you want to do it (your motivation)?
Key literature of the area
What is the main result?

2.文獻(xiàn)綜述Literature review （1500字）

What is merger motivation?

What is the short and long run performance? 
ü short run performance: CAR (cumulative abnormal return)
ü Long run performance: BHAR (buy and hold abnormal return)

Major research in the merger and acquisition since 2000
請查看附件中的參考文獻(xiàn)（共13篇）

What is the case study methodology? (Hubris hypothesis, EMH 等)

3. 數(shù)據(jù)Data （1500字）

Why do you choose these two cases, where did you find the data?
案例分析：建議Bankers Trust 和 WorldCom (具體案例可查看分別的附件)

The resources and annual report etc （請自行查找）

4. 研究方法Methodology （250字）
Why using case study instead of event study

5. 結(jié)果Results （250字）
Give some tables and need to explain each table（請根據(jù)需要添加圖表）

6. 結(jié)論Conclusions （500字）

7. 參考文獻(xiàn)References （以下參考文獻(xiàn)請務(wù)必使用，已加入到附件中）

 

1)Andrade, G., M. Mitchell, and E. Stafford (2001, Spring). New evidence and perspectives on mergers. Journal of Economic Perspectives 15(2), 103–120.
2) Barber, B. M. and J. D. Lyon (1997). Firm size, book-to-market ratio, and security returns: A holdout sample of financial firms. Journal of Finance 52(2), 875–83.
3) Bouwman, C. H. S., K. Fuller, and A. S. Nain (2008). Market Valuation and Acquisition Quality: Empirical Evidence. Review of Financial Stududies Forthcoming.
4) Clement, M. B. (1999, July). Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics 27(3), 285–303.
5) Harford, J. (2005). What drives merger waves? Journal of Financial Economics 77(3), 529–560.
6) Healy, P. M., K. G. Palepu, and R. S. Ruback (1992). Does corporate performance improve after mergers? Journal of Financial Economics 31(2), 135–75.
7) Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76(2), 323–29.
 8) Loughran, T. and A. M. Vijh (1997). Do long-term shareholders benefit from corporate acquisitions? Journal of Finance 52(5), 1765–90.
9) Rau, P. R. and T. Vermaelen (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics 49(2), 223–53.
 10) Rhodes-Kropf, M., D. T. Robinson, and S. Vishanathan (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics 77, 561603.
11) Rhodes-Kropf, M. and S. Viswanathan (2004). Market valuation and merger waves. Journal of Finance 59, 2685–2718.
12) Shleifer, A. and R. W. Vishny (2003). Stock market driven acquisitions. Journal of Financial Economics 70(3), 295–311.
13) Roll (1986) The Hubris Hypothesis of Corporate Takeovers. Journal of Business 59(2) 197-216
PS: 請對參考文獻(xiàn)進(jìn)行增加及擴(kuò)充，總數(shù)請務(wù)必保證至少40個）

請認(rèn)真查看附件，內(nèi)有詳細(xì)要求。
寫作風(fēng)格必須是進(jìn)行具體分析，切記不可大量羅列空泛的理論，，要多以“我”的分析的口吻來寫，特別是INTRODUCTION 和 CONCLUSION 部分。對于案例分析不可只停留于理論，要多與案例結(jié)合來分析，對案例具體內(nèi)容要深入分析。

 

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