The Impact of Market Cycle on The Performance of Singapore Acquirers  

Oleh:

Pangkarkar, Nitin ; Lie, Junius R.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 12 (Dec. 2004), page 1209-1216.
Topik: market; acquirer performance; market cycle; related acquisition; hubris

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.17 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In this paper, we hypothesize that acquisitions undertaken during low market cycle will exhibit better performance than other acquisitions for two key reasons : lower likelihood of overpayment due to hubris and ease in implementing restructuring initiatives such as retrenchment. We define performance as the cumulative abnormal returns surrounding the acquisition event and deploy a trend - based measure for market cycle. Based on an analysis of 115 acquisitions by singapore firms between 1990 and 1999, we find strong support for the hypothesized relationship.

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