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Dressed to merge — small fits fine: M&A success in the fashion and accessories industry

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  • Meinshausen, Steffen
  • Schiereck, Dirk
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    Abstract

    In this paper we examine the value implications of 192 M&A transactions in the fashion and leather accessories industry during the period from 1994 to 2009. Contrary to general cross-country evidence we find highly significant, positive abnormal returns to acquiring shareholders. Cross-sectional analysis further reveals that the key value drivers are diversifying fashion M&A transactions for smaller, profitable companies that reduce idiosyncratic risk whereas deals executed by large companies that act as frequent acquirers do not, on average, significantly enhance shareholder wealth.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1057521911000688
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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Financial Analysis.

    Volume (Year): 20 (2011)
    Issue (Month): 5 ()
    Pages: 283-291

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    Handle: RePEc:eee:finana:v:20:y:2011:i:5:p:283-291

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    Web page: http://www.elsevier.com/locate/inca/620166

    Related research

    Keywords: Mergers & acquisitions; Fashion and accessories industry; Bidder gains; Idiosyncratic risk; Frequent acquirer;

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