Managerial response to a hostile takeover in an uncertain legal environment: The case of union carbide |
| |
| Affiliation: | 1. Rajiv Sant is an Associate Professor of Finance at Mankato State University in Minnesota, USA.;2. Stephen P. Ferris is currently Chairman and Professor of Finance in the College of Business and Public Administration at the University of Missouri-Columbia, USA.;1. Dept. of Mechanical Engineering, University College of Engineering, Osmania University, Hyderabad 500 007, India;2. Mahathma Gandhi Institute of Technology, Gandipet, Hyderabad 500 075, India;3. Mechanical Engineering Department, University College of Engineering, Osmania University, Hyderabad 500 007, India;1. Health Effects Laboratory Division, National Institute for Occupational Safety and Health, Morgantown, WV, United States;2. West Virginia University, School of Medicine, Morgantown, WV, United States;3. Division of Applied Research and Technology, National Institute for Occupational Safety and Health, Cincinnati, OH, United States;1. Department of Materials and Production Technology Development, Faculty of Engineering, King Mongkut’s University of Technology North Bangkok, Bangsue, Bangkok 10800, Thailand;2. Department of Welding Engineering Technology, College of Industrial Technology, King Mongkut’s University of Technology North Bangkok, Bangsue, Bangkok 10800, Thailand;3. High Temperature Corrosion Research Centre, Department of Materials and Production Technology Development, Faculty of Engineering, King Mongkut’s University of Technology North Bangkok, Bangsue, Bangkok 10800, Thailand |
| |
| Abstract: | Following the tragedy at its Bhopal, India plant. Union Carbide found itself the object of a hostile takeover attempt in 1985. In spite of great uncertainty regarding its final legal liability, Union Carbide's management opposed the offer and began an aggressive program of asset and financial restructuring. From an analysis of the performance of Union Carbide's common stock, Sant and Ferris find that the financial impact of the Bhopal accident was dissipated within a year. Using additional accounting and industry data, they draw universal conclusions regarding the international management of complex technologies and firm valuation in the presence of foreign legal threats. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
