Gains from Mergers and Acquisitions Around the World: New Evidence

被引：99

作者：

Alexandridis, G. ^{[1
]}

Petmezas, D. ^{[2
]}

Travlos, N. G. ^{[3
]}

机构：

[1] Univ Reading, Henley Business Sch, ICMA Ctr, Reading RG6 2AH, Berks, England

[2] Univ Surrey, Sch Management, Guildford GU2 5XH, Surrey, England

[3] ALBA Grad Business Sch, Athens, Greece

来源：

FINANCIAL MANAGEMENT | 2010年 / 39卷 / 04期

关键词：

CORPORATE TAKEOVERS; ACQUIRING FIRMS; BIDDING FIRMS; AGENCY COSTS; TOBINS-Q; RETURNS; OBJECTIVES; MARKET; BIDS;

D O I：

10.1111/j.1755-053X.2010.01126.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock-financed subset to negative abnormal returns for acquiring firms around the deal announcement are not unanimous across countries. Acquirers beyond the most competitive takeover markets (the United States, United Kingdom, and Canada) pay lower premia and realize gains, while share-for-share offers are at least non-value-destroying for their shareholders. In contrast, target shareholders within these markets gain significantly less, implying that the benefits generated are more evenly split between the involved parties.

引用

页码：1671 / 1695

页数：25

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