Arbeitspapier
Disentangling the link between stock and accounting performance in acquisitions
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or negative abnormal stock returns and accounting performance is due to a distinct acquisition motive. We find strong empirical evidence in support of this claim.
- Sprache
-
Englisch
- Erschienen in
-
Series: Schumpeter Discussion Papers ; No. 2011-010
- Klassifikation
-
Wirtschaft
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
Mergers and acquisitions
performance measurement
synergies
preemption
overvaluation
corporate governance
agency problems
Übernahme
Motivation
Synergie
Börsenkurs
Betriebliche Kennzahl
Unternehmenserfolg
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Betzer, André
Goergen, Marc
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Wuppertal, Schumpeter School of Business and Economics
- (wo)
-
Wuppertal
- (wann)
-
2011
- Handle
- URN
-
urn:nbn:de:hbz:468-20110722-124418-2
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Betzer, André
- Goergen, Marc
- University of Wuppertal, Schumpeter School of Business and Economics
Entstanden
- 2011
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