Do long-term shareholders benefit from corporate acquisitions?

• 成果类型: Article
• 署名作者: Loughran, T; Vijh, AM
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.1997.tb02741.x
• 发表日期: 1997
• 页码: 1765-1790
• 关键词: ACQUIRING FIRMS; STOCKHOLDER RETURNS; stock returns; performance; merger; INVESTMENT; WEALTH; MARKET

摘要

Using 947 acquisitions during 1970-1989, this article finds a relationship between the postacquisition returns and the mode of acquisition and form of payment. During a five-year period following the acquisition, on average, firms that complete stock mergers earn significantly negative excess returns of -25.0 percent whereas firms that complete cash tender offers earn significantly positive excess returns of 61.7 percent. Over the combined preacquisition and postacquisition period, target shareholders who hold on to the acquirer stock received as payment in stock mergers do not earn significantly positive excess returns. In the top quartile of target to acquirer size ratio, they earn negative excess returns.