When Do Acquirers Earn Abnormal Returns ?  

Oleh:

Capron, Laurence ; Pistre, Nathalie

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 9 (2002), halaman 781-794.
Topik: abnormality; mergers and acquisitions; resource fit; abnormal returns; event study

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In this study, we explore the conditions under which acquirers earn abnormal returns. We provide an empirical test of barney and chatterjee's arguments by examining the role of the respective resource contribution of the target and the acquirer. Combining an event study with a survey of post acquisition resource transfer on a sample of 101 horizontal acquisitions, we find that acquirers do not earn abnormal returns when they only receive resources from the target. In this case, it is likely that multiple bidders, which could have equally captured these resources, competed away all the abnormal returns from the successful bidder. In contrast, we find that acquirers can expect to earn abnormal returns when they transfer their own resources to the target. Overall, we find that value creation does not ensure value capture for the acquirer.

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