caa a22 4500 463187369 CHVBK 20180406164857.0 cr unu---uuuuu 170326e20070701xx s 000 0 eng 10.1007/s11156-007-0021-3 doi (NATIONALLICENCE)springer-10.1007/s11156-007-0021-3 Takeover motives in a weak regulatory environment surrounding a market shock: a case study of New Zealand with a comparison of Gondhalekar and Bhagwat's (2003) US findings [Elektronische Daten] [Hamish Anderson, Ben Marshall] We examine the motives for takeovers in New Zealand surrounding the 1987 stock market crash and compare with the US findings of Gondhalekar and Bhagwat (2003). There are a number of structural differences between the New Zealand and US markets that could impact on merger motives. Compared with the US, New Zealand is a small capital market; with weak takeover regulation and a prolonged aftermath of the 1987 stock market crash. Consistent with US research, we find evidence of synergy and hubris motivations in New Zealand takeovers although we find the synergy motivation is stronger. Contrary to expectations we find no evidence of agency motivated takeovers. Springer Science+Business Media, LLC, 2007 Mergers and acquisitions motives nationallicence Regulation nationallicence Stock market crash nationallicence Anderson Hamish Department of Finance, Banking and Property, Massey University, Private Bag 11222, Palmerston North, New Zealand aut Marshall Ben Department of Finance, Banking and Property, Massey University, Private Bag 11222, Palmerston North, New Zealand aut Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/1(2007-07-01), 53-67 0924-865X 29:1<53 2007 29 11156 https://doi.org/10.1007/s11156-007-0021-3 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0021-3 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Anderson Hamish Department of Finance, Banking and Property, Massey University, Private Bag 11222, Palmerston North, New Zealand aut NATIONALLICENCE 700 1- Marshall Ben Department of Finance, Banking and Property, Massey University, Private Bag 11222, Palmerston North, New Zealand aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/1(2007-07-01), 53-67 0924-865X 29:1<53 2007 29 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer