Do early birds get the returns? An empirical investigation of early-mover advantages in acquisitions
成果类型：
Article
署名作者：
Carow, K; Heron, R; Saxton, T
署名单位：
Indiana University System; Indiana University Indianapolis; IU Kelley School of Business
刊物名称：
STRATEGIC MANAGEMENT JOURNAL
ISSN/ISSBN：
0143-2095
DOI：
10.1002/smj.404
发表日期：
2004
页码：
563-585
关键词：
摘要：
We explore whether pioneering advantages exist for early-mover acquirers in industry acquisition waves by examining both combined (target and acquirer) and acquirer stock returns. Combined abnormal returns are higher for acquisitions that occur at the beginning of acquisition waves. However, for acquirers' returns, only strategic pioneers-those acting in manners consistent with having superior information-capture Significant advantages. Specifically, early-mover acquirers who realize superior stock returns are those that conduct acquisitions in related industries, during industry expansionary phases, and finance their acquisitions as financial theory suggests they should when they possess an informational advantage-with cash. Our findings extend the first-mover literature to corporate practices and link these practices to acquisition returns. Copyright (C) 2004 John Wiley Sons, Ltd.
来源URL：