Learning from repetitive acquisitions: Evidence from the time between deals

• 成果类型: Article
• 署名作者: Aktas, Nihat; de Bodt, Eric; Roll, Richard
• 署名单位: SKEMA Business School; Universite de Lille; Universite de Lille; SKEMA Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2012.10.010
• 发表日期: 2013
• 页码: 99-117
• 关键词: Acquisitions program; learning; Integration costs; Time between successive deals

摘要

Knowledge gleaned from previous acquisitions may confer valuation expertise and other benefits. But numerous acquisitions also entail costs, due to problems of incorporating diverse units into an ever larger firm. Such benefits and costs are not directly observable from outside the firm. This article proposes a simple model to infer their relative importance, using the time between successive deals. The data requirements are minimal and allow the use of all mergers and acquisitions during 1992-2009 (more than 300,000 deals). The results provide evidence of learning gains through repetitive acquisitions, especially under CEO continuity and when successive deals are more similar. (C) 2013 Elsevier B.V. All rights reserved.