Testing the Inefficient Management Hypothesis: Are United Kingdom Mergers and Acquisitions Disciplinary?

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Auzius Kazombo Mwale Department of Accounting & Finance Testing the inefficient management hypothesis: Are United Kingdom mergers and acquisitions disciplinary? This thesis is provided in fulfilment of the requirements of the degree of Doctor of Philosophy at The University of Stirling May 2007 ACKNOWLEDGEMENTS I would like to thank various people to whom I am indebted for assisting me in producing this thesis. I am greatly indebted to Professor Robin Limmack for assisting me with the groundwork for this study. I am greatly indebted to Dr Kevin Campbell, my principal supervisor for his continuous support and guidance throughout the period of study. I would to thank the Faculty of Management and the Department of Accounting and…show more content…
3.1 CLASSIFICATION OF TAKEOVER BIDS: 41 EVALUATION OF SHARE PRICE PERFORMANCE 3.2 FREQUENCY DISTRIBUTION OF TAKEOVER BIDS RELATIVE TO CADBURY REPORT PUBLICATION 43 4.1 SHARE PRICE PERFORMANCE OF BIDDERS AND TARGETS (MM) 76 4.2 SHARE PRICE PERFORMANCE OF SUCCESSFUL BIDS (MM) 76 4.3 SHARE PRICE PERFORMANCE OF LAPSED BIDS (MM) 77 4.4 SHARE PRICE PERFORMANCE: TOP MANAGEMENT CHANGE(MM) 77 4.5 SHARE PRICE PERFORMANCE: NO TOP MANAGEMENT CHANGE(MM) 78 4.6 SHARE PRICE PERFORMANCE: FRIENDLY BIDS (MM) 78 4.7 SHARE PRICE PERFORMANCE: HOSTILE BIDS (MM) 79 4.8 SHARE PRICE PERFORMANCE OF BIDDERS AND TARGETS (MAR) 79 4.9 SHARE PRICE

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