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La Performance des Fusions-Acquisitions : une Revue de la Littérature

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  • Ludivine Chalençon

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)

Abstract

Mergers and acquisitions are appealing to researchers in finance who are trying to establish the performance of these high-risk operations. Although the results are rather mixed, this strategy of development is again growing strongly. The literature reports studies which mobilize different methodologies and different samples and encounter many difficulties in finding consensus. This article aims to present a literature review of the performance of mergers and acquisitions to enhance our understanding of the results of previous studies. To do so, we will use fourteen articles published in French and international journals.

Suggested Citation

  • Ludivine Chalençon, 2011. "La Performance des Fusions-Acquisitions : une Revue de la Littérature," Post-Print halshs-00690634, HAL.
    • Handle: RePEc:hal:journl:halshs-00690634
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00690634
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    References listed on IDEAS

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    1. Sudi Sudarsanam & Ashraf A. Mahate, 2003. "Glamour Acquirers, Method of Payment and Post‐acquisition Performance: The UK Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(1‐2), pages 299-342, January.
    2. R. Abdul Rahman & R.J. Limmack, 2004. "Corporate Acquisitions and the Operating Performance of Malaysian Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(3-4), pages 359-400.
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    12. Cornett, Marcia Millon & Tehranian, Hassan, 1992. "Changes in corporate performance associated with bank acquisitions," Journal of Financial Economics, Elsevier, vol. 31(2), pages 211-234, April.
    13. Friedrich Trautwein, 1990. "Merger motives and merger prescriptions," Strategic Management Journal, Wiley Blackwell, vol. 11(4), pages 283-295, May.
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    20. Yves Levant, 2000. "Typologie des systèmes de contrôle organisationnel et performance des opérations d'acquisition," Comptabilité - Contrôle - Audit, Association francophone de comptabilité, vol. 6(2), pages 77-96.
    21. R. Abdul Rahman & R.J. Limmack, 2004. "Corporate Acquisitions and the Operating Performance of Malaysian Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(3‐4), pages 359-400, April.
    22. George Alexandridis & Antonios Antoniou & Dimitris Petmezas, 2007. "Divergence of Opinion and Post-Acquisition Performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(3-4), pages 439-460.
    23. Jensen, Michael C., 1978. "Some anomalous evidence regarding market efficiency," Journal of Financial Economics, Elsevier, vol. 6(2-3), pages 95-101.
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    25. Ronald W. Masulis & Cong Wang & Fei Xie, 2007. "Corporate Governance and Acquirer Returns," Journal of Finance, American Finance Association, vol. 62(4), pages 1851-1889, August.
    26. Stephen Brown & Mark Finn & Ole-Kristian Hope, 2000. "Acquisition-Related Provision-Taking and Post-Acquisition Performance in the UK Prior to "FRS 7"," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9&10), pages 1233-1265.
    27. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    28. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351-351.
    29. Gerard Hoberg & Gordon Phillips, 2010. "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," The Review of Financial Studies, Society for Financial Studies, vol. 23(10), pages 3773-3811, October.
    30. Kathleen Fuller & Jeffry Netter & Mike Stegemoller, 2002. "What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions," Journal of Finance, American Finance Association, vol. 57(4), pages 1763-1793, August.
    31. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April.
    32. Raghavendra Rau, P. & Vermaelen, Theo, 1998. "Glamour, value and the post-acquisition performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 49(2), pages 223-253, August.
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    Keywords

    Mergers-Acquisitions; Fusions-Acquisitions; Performance;
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