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The Post-merger Performance of Acquiring Firms: A Re-examination of an Anomaly

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Cited by:

  1. Manuel Ammann & Philipp Horsch & David Oesch, 2016. "Competing with Superstars," Management Science, INFORMS, vol. 62(10), pages 2842-2858, October.
  2. Austin, Rebekah E. & Dunham, Lee M., 2022. "Do FinTech acquisitions improve the operating performance or risk profiles of acquiring firms?," Journal of Economics and Business, Elsevier, vol. 121(C).
  3. Kathleen M. Kahle & Ralph A. Walkling, "undated". "The Impact of Industry Classifications on Financial Research," Research in Financial Economics 9607, Ohio State University.
  4. Svetlana Grigorieva & Tatiana Petrunina, 2013. "The performance of mergers and acquisitions in emerging capital markets: new evidence," HSE Working papers WP BRP 20/FE/2013, National Research University Higher School of Economics.
  5. Monastyrenko, Evgenii, 2017. "Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry," Energy Policy, Elsevier, vol. 107(C), pages 258-277.
  6. Anna Bergman Brown & Paquita Y. Davis-Friday & Lale Guler & Carol Marquardt, 2015. "M&A Decisions and US Firms’ Voluntary Adoption of Clawback Provisions in Executive Compensation Contracts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(1-2), pages 237-271, January.
  7. Nagano, Mamoru & Yuan, Yuan, 2013. "Cross-border acquisitions in a transition economy: The recent experiences of China and India," Journal of Asian Economics, Elsevier, vol. 24(C), pages 66-79.
  8. Díaz Díaz, Belén & Sanfilippo Azofra, Sergio & López Gutiérrez, Carlos, 2013. "Synergies or overpayment in European corporate M&A," MPRA Paper 51070, University Library of Munich, Germany.
  9. Romero, Hector & Fajardo, Eddy Johanna, 2015. "Incidencia del desempeño de la acción sobre los eventos de fusiones y adquisiciones en América Latina (2005-2009) [Stock performance and mergers and acquisitions: Evidence for Latin America (2005-2," MPRA Paper 69695, University Library of Munich, Germany.
  10. Michel Barabel & Olivier Meier, 2002. "Biais cognitifs du dirigeant, conséquences et facteurs de renforcement lors de fusions-acquisitions:synthèse et illustrations," Revue Finance Contrôle Stratégie, revues.org, vol. 5(1), pages 5-42, March.
  11. Breuer, Wolfgang & Ghufran, Bushra & Salzmann, Astrid Juliane, 2018. "National culture, managerial preferences, and takeover performance," International Business Review, Elsevier, vol. 27(6), pages 1270-1289.
  12. Jeffrey T. Prince & Daniel H. Simon, 2017. "The Impact of Mergers on Quality Provision: Evidence from the Airline Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 65(2), pages 336-362, June.
  13. Shahram Amini & Vijay Singal, 2020. "Are earnings predictable?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(3), pages 528-562, July.
  14. Chira, Inga & Volkov, Nikanor, 2017. "The choice of sale method and its consequences in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 170-184.
  15. Manuela, Wilfred S. & Rhoades, Dawna L. & Curtis, Tamilla, 2016. "The U.S. Airways Group: A post-merger analysis," Journal of Air Transport Management, Elsevier, vol. 56(PB), pages 138-150.
  16. Baomin Dong & Frank Wang, 2014. "A pre-emption model of mergers," Journal of Economics, Springer, vol. 113(2), pages 187-204, October.
  17. Bradley, Daniel, 2018. "Discussion of “analyst stock ownership and stock recommendations”," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 499-505.
  18. Jurich, Stephen N. & Walker, M. Mark, 2019. "What drives merger outcomes?," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 757-775.
  19. Firth, Michael, 1997. "Takeovers in New Zealand: Motives, stockholder returns, and executive share ownership," Pacific-Basin Finance Journal, Elsevier, vol. 5(4), pages 419-440, September.
  20. Bhaumik, Sumon Kumar & Dimova, Ralitza, 2004. "How important is ownership in a market with level playing field?: The Indian banking sector revisited," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 165-180, March.
  21. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
  22. Todtenhaupt, Maximilian & Voget, Johannes & Feld, Lars P. & Ruf, Martin & Schreiber, Ulrich, 2020. "Taxing away M&A: Capital gains taxation and acquisition activity," European Economic Review, Elsevier, vol. 128(C).
  23. Maurizio Zollo & Dima Leshchinkskii, 2000. "Can Firms Learn to Acquire? Do Markets Notice?," Center for Financial Institutions Working Papers 00-01, Wharton School Center for Financial Institutions, University of Pennsylvania.
  24. Kiesel, Florian & Ries, Jörg M. & Tielmann, Artur, 2017. "Reprint of “The impact of mergers and acquisitions on shareholders' wealth in the logistics service industry”," International Journal of Production Economics, Elsevier, vol. 194(C), pages 261-277.
  25. André Betzer & Markus Doumet & Marc Goergen, 2015. "Disentangling the link between stock and accounting performance in acquisitions," The European Journal of Finance, Taylor & Francis Journals, vol. 21(9), pages 755-771, July.
  26. Kuo-Chung Chang & Yu-Kai Gao & Shih-Cheng Lee, 2020. "The Effect of Data Theft on a Firm’s Short-Term and Long-Term Market Value," Mathematics, MDPI, vol. 8(5), pages 1-21, May.
  27. Steven N. Kaplan & Mark Mitchell & Karen Wruck, 2000. "A Clinical Exploration of Value Creation and Destruction in Acquisitions, Organizational Design, Incentives, and Internal Capital Markets," NBER Chapters, in: Mergers and Productivity, pages 179-238, National Bureau of Economic Research, Inc.
  28. Linda Allen & Julapa Jagtiani & Stavros Peristiani & Anthony Saunders, 2002. "The role of bank advisors in mergers and acquisitions," Staff Reports 143, Federal Reserve Bank of New York.
  29. Ashish Malik & Ralf Bebenroth, 2017. "Mind Your Language! : Role of Target Firm Language in Post-Merger Integration," Discussion Paper Series DP2017-15, Research Institute for Economics & Business Administration, Kobe University.
  30. Peter Cziraki & Moqi Xu, 2014. "Ceo Job Security And Risk-Taking," FMG Discussion Papers dp729, Financial Markets Group.
  31. Dutta, Shantanu & Jog, Vijay, 2009. "The long-term performance of acquiring firms: A re-examination of an anomaly," Journal of Banking & Finance, Elsevier, vol. 33(8), pages 1400-1412, August.
  32. Higson, Chris & Elliott, Jamie, 1998. "Post-takeover returns: The UK evidence," Journal of Empirical Finance, Elsevier, vol. 5(1), pages 27-46, January.
  33. Odero Naor Juma & Peter T. Wawire & John Byaruhanga & Ochieng Okaka & Odhiambo Odera, 2012. "Impact of Bank Mergers on Shareholders’ Wealth: A Review of Literature," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 2(4), pages 162-172, October.
  34. Navío-Marco, Julio & Solórzano-García, Marta & Matilla-García, Mariano & Urueña, Alberto, 2016. "Language as a key factor of long-term value creation in mergers and acquisitions in the telecommunications sector," Telecommunications Policy, Elsevier, vol. 40(10), pages 1052-1063.
  35. J. Barry Lin & Christos Pantzalis & Jung Chul Park, 2009. "Derivatives Use, Information Asymmetry, and MNC Post‐Acquisition Performance," Financial Management, Financial Management Association International, vol. 38(3), pages 631-661, September.
  36. Fama, Eugene F., 1998. "Market efficiency, long-term returns, and behavioral finance," Journal of Financial Economics, Elsevier, vol. 49(3), pages 283-306, September.
  37. Berezinets, I.V. & Bulatova, L.A. & Ilina, Y. B. & Smirnov, M.V., 2016. "How stock market reacts to dividend surprises: Russian and Indian experience," Working Papers 6437, Graduate School of Management, St. Petersburg State University.
  38. Ervin L. Black & Thomas A. Carnes & Tomas Jandik & B. Charlene Henderson, 2007. "The Relevance of Target Accounting Quality to the Long‐Term Success of Cross‐Border Mergers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(1‐2), pages 139-168, January.
  39. Hsu, Junming & Yang, Tung-Hsiao & Tsai, Yi-Chi, 2021. "The long-run performance of cross-border acquirers: An analysis of synergy sources," Journal of Multinational Financial Management, Elsevier, vol. 60(C).
  40. Dennis C. Mueller & B. Burcin Yurtoglu, 2007. "Corporate governance and the returns to acquiring firms' shareholders: an international comparison," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 879-896.
  41. Anup Agrawal & Mark A. Chen, 2008. "Do Analyst Conflicts Matter? Evidence from Stock Recommendations," Journal of Law and Economics, University of Chicago Press, vol. 51(3), pages 503-537, August.
  42. Laura Henning, 2015. "Shareholder voting and merger returns," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 29(4), pages 337-363, November.
  43. Jan Bo Jakobsen & Torben Voetmann, 2003. "Post-acquisition performance in the short and long run. Evidence from the Copenhagen Stock Exchange 1993-1997," The European Journal of Finance, Taylor & Francis Journals, vol. 9(4), pages 323-342.
  44. Kanungo, Rama Prasad, 2021. "Uncertainty of M&As under asymmetric estimation," Journal of Business Research, Elsevier, vol. 122(C), pages 774-793.
  45. Santiago Mingo, 2013. "The Impact of Acquisitions on the Performance of Existing Organizational Units in the Acquiring Firm: The Case of an Agribusiness Company," Management Science, INFORMS, vol. 59(12), pages 2687-2701, December.
  46. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
  47. Katrien Craninckx & Nancy Huyghebaert, 2011. "Can Stock Markets Predict M&A Failure? A Study of European Transactions in the Fifth Takeover Wave," European Financial Management, European Financial Management Association, vol. 17(1), pages 9-45, January.
  48. Phyllis A. Siegel & Donald C. Hambrick, 2005. "Pay Disparities Within Top Management Groups: Evidence of Harmful Effects on Performance of High-Technology Firms," Organization Science, INFORMS, vol. 16(3), pages 259-274, June.
  49. Gabriel J. Power & Neelam Rani & Anandadeep Mandal, 2022. "Corporate control and the choice of investment financing: the case of corporate acquisitions in India," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 41-68, January.
  50. Edmans, Alex & Goldstein, Itay & Jiang, Wei, 2011. "Feedback Effects and the Limits to Arbitrage," Working Papers 11-67, University of Pennsylvania, Wharton School, Weiss Center.
  51. Elnahas, Ahmed M. & Kim, Dongnyoung, 2017. "CEO political ideology and mergers and acquisitions decisions," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 162-175.
  52. Ludivine Chalençon, 2013. "Le Controle De Gestion Dans Les Fusions-Acquisitions Internationales : Un Outil D'Integration ?," Post-Print hal-00991712, HAL.
  53. Spyros Arvanitis & Tobias Stucki, 2014. "How Swiss small and medium-sized firms assess the performance impact of mergers and acquisitions," Small Business Economics, Springer, vol. 42(2), pages 339-360, February.
  54. Rohner, Dominic, 2011. "Reputation, group structure and social tensions," Journal of Development Economics, Elsevier, vol. 96(2), pages 188-199, November.
  55. Gudmundsson, Sveinn Vidar & Merkert, Rico & Redondi, Renato, 2017. "Cost functions and determinants of unit cost effects in horizontal airline M&As," Transportation Research Part A: Policy and Practice, Elsevier, vol. 103(C), pages 444-454.
  56. Yang Zhang, 2018. "Corporate Governance Effects on Risk Management and Shareholder Wealth: The Case of Mergers and Acquisitions," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2018.
  57. Bhaumik, Sumon Kumar & Selarka, Ekta, 2012. "Does ownership concentration improve M&A outcomes in emerging markets?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 717-726.
  58. Mager, Ferdinand & Meyer-Fackler, Martin, 2017. "Mergers and acquisitions in Germany: 1981–2010," Global Finance Journal, Elsevier, vol. 34(C), pages 32-42.
  59. Megginson, William L. & Morgan, Angela & Nail, Lance, 2004. "The determinants of positive long-term performance in strategic mergers: Corporate focus and cash," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 523-552, March.
  60. Siti Jeslyn Hasan Author_Email: jeslyn@kelantan.uitm.edu.my & Faizah Mohd Khalid & Raedah Sapingi & Noormala Ahmad, 2011. "What Drives And Crushes Merger And Acquisition? A Review Of Merger & Acquisition Exercise Of Major Companies In Malaysia," 2nd International Conference on Business and Economic Research (2nd ICBER 2011) Proceeding 2011-162, Conference Master Resources.
  61. Zacharias, Nicolas A. & Six, Bjoern & Schiereck, Dirk & Stock, Ruth Maria, 2015. "CEO influences on firms' strategic actions: A comparison of CEO-, firm-, and industry-level effects," Journal of Business Research, Elsevier, vol. 68(11), pages 2338-2346.
  62. Matej Lahovnik & Vladimir Malenkovic, 2011. "Corporate acquisition strategies and economic performance – A case of Slovenia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 29(1), pages 33-50.
  63. Dennis C. Mueller & Mark L. Sirower, 2003. "The causes of mergers: tests based on the gains to acquiring firms' shareholders and the size of premia," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(5), pages 373-391.
  64. Sara Fisher Ellison & Wallace P. Mullin, 1997. "Gradual Incorporation of Information into Stock Prices: Empirical Strategies," NBER Working Papers 6218, National Bureau of Economic Research, Inc.
  65. McKnight, Phillip J. & Weir, Charlie, 2009. "Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 139-158, May.
  66. Jeff Madura & Thanh Ngo, 2010. "How accounting fraud has changed merger valuation," Applied Financial Economics, Taylor & Francis Journals, vol. 20(12), pages 923-940.
  67. Oliver Ebneth & Ludwig Theuvsen, 2007. "Large mergers and acquisitions of European brewing groups-event study evidence on value creation," Agribusiness, John Wiley & Sons, Ltd., vol. 23(3), pages 377-406.
  68. M. Mark Walker & Chi-Sheng Hsu, 2007. "Strategic objectives, industry structure and the long-term stock price performance of acquiring and rival firms," Applied Financial Economics, Taylor & Francis Journals, vol. 17(15), pages 1233-1244.
  69. Dennis Mueller, 1996. "Antimerger policy in the United States: History and lessons," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 23(3), pages 229-253, October.
  70. Berezinets, I.V. & Bulatova, L.A. & Ilina, Y.B. & Smirnov, M.V., 2015. "Stock market reaction to dividend surprises: Evidence from Russia," Working Papers 6427, Graduate School of Management, St. Petersburg State University.
  71. 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.
  72. Albert Banal‐Estañol & Jo Seldeslachts, 2011. "Merger Failures," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(2), pages 589-624, June.
  73. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012. "The determinants of merger waves: An international perspective," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
  74. Bos, Martijn & Demirer, Riza & Gupta, Rangan & Tiwari, Aviral Kumar, 2018. "Oil returns and volatility: The role of mergers and acquisitions," Energy Economics, Elsevier, vol. 71(C), pages 62-69.
  75. Shaomeng Li & Guy S. Liu & Andros Gregoriou, 2021. "Do more mergers and acquisitions create value for shareholders?," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 755-787, February.
  76. Antonios Antoniou & Philippe Arbour & Huainan Zhao, 2008. "How Much Is Too Much: Are Merger Premiums Too High?," European Financial Management, European Financial Management Association, vol. 14(2), pages 268-287, March.
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  80. Ervin L. Black & Thomas A. Carnes & Tomas Jandik & B. Charlene Henderson, 2007. "The Relevance of Target Accounting Quality to the Long‐Term Success of Cross‐Border Mergers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(1‐2), pages 139-168, January.
  81. Ludivine Chalençon, 2011. "La Performance des Fusions-Acquisitions : une Revue de la Littérature," Post-Print halshs-00690634, HAL.
  82. Bruyland, Evy & Lasfer, Meziane & De Maeseneire, Wouter & Song, Wei, 2019. "The performance of acquisitions by high default risk bidders," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 37-58.
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