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Écarts d'acquisition, résultats résiduels consécutifs et surprix

  • Côme Segrétain

    ()

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - Fédération Universitaire et Polytechnique de Lille - Université de Lille, Sciences Humaines et Sociales - CNRS - Centre National de la Recherche Scientifique)

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    We investigate whether accounting data are able to qualify the success of listed companies' merger and acquisition strategy. To do so, we derive from Ohlson' RIV (1995) and IFRS goodwill definition a theoretical model linking goodwill in acquirer balance sheet n to residual income n+1 and overpayment. We so reach the same goodwill split as proposed by previous research (Johnson and Petrone, 1998). We then test our model on French data (SBF 120) collected for years 2005 to 2008 and find significant correlation between goodwill and acquirer next residual income. Next researches should incorporate better proxy for the overpayment part and enhance the model empiric specifications to resist to scale effects.

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    File URL: https://hal.archives-ouvertes.fr/hal-00650581/document
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    Paper provided by HAL in its series Post-Print with number hal-00650581.

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    Date of creation: 10 May 2011
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    Publication status: Published in Comptabilités, économie et société, May 2011, Montpellier, France. pp.cd-rom, 2011
    Handle: RePEc:hal:journl:hal-00650581
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00650581
    Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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    1. Henry Jarva, 2009. "Do Firms Manage Fair Value Estimates? An Examination of SFAS 142 Goodwill Impairments," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(9-10), pages 1059-1086.
    2. Marc Feuilloley & Patrick Sentis, 2007. "Pertinence économique de la comptabilisation des dépréciations de goodwill:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 95-124, March.
    3. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    4. Olivier Ramond & Jean-François Casta & Laurent Batsch, 2007. "Résultat et performance financière en normes IFRS : Quel est le contenu informatif du Comprehensive Income ?," Post-Print halshs-00165038, HAL.
    5. Gaëlle Lenormand & Lionel Touchais, 2008. "La pertinence des actifs incorporels avec les IFRS," Revue Finance Contrôle Stratégie, revues.org, vol. 11(2), pages 173-201, June.
    6. Eccher, Elizabeth A. & Ramesh, K. & Thiagarajan, S. Ramu, 1996. "Fair value disclosures by bank holding companies," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 79-117, October.
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