Merger and Acquisition Performance Event Study
A merger and acquisition event study measures the stock-market reaction to a deal announcement to infer how much value the deal is expected to create or destroy for acquirers and targets. The logic is that in an efficient market the share-price jump around the announcement capitalizes investors' revised expectations of future cash flows attributable to the deal. Andrade, Mitchell and Stafford's 2001 survey distilled the empirical regularities: targets earn large positive abnormal returns, combined acquirer-plus-target returns are modestly positive, while acquirers themselves often earn around zero or slightly negative returns. King, Dalton, Daily and Covin's 2004 meta-analysis confirmed that acquirers, on average, do not gain and pointed to unidentified moderators, motivating cross-sectional models that link abnormal returns to deal and firm characteristics.
Catatan sumber
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- Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103-120. · DOI 10.1257/jep.15.2.103
- King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200. · DOI 10.1002/smj.371
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