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Disentangling the link between stock and accounting performance in acquisitions

Betzer, André, Doumet, Markus and Goergen, Marc 2015. Disentangling the link between stock and accounting performance in acquisitions. The European Journal of Finance 21 (9) , pp. 755-771. 10.1080/1351847X.2014.890633

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Abstract

We study the accounting and stock performance of 4547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four possible combinations of positive or negative abnormal stock performance and abnormal accounting performance. First, we compare the bidder, bid and target characteristics across the four types of acquisitions. We find significant differences. Second, with the help of existing theories we explain these differences in bidder, bid and target characteristics by differences in the acquisition motives.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HF Commerce
H Social Sciences > HF Commerce > HF5601 Accounting
Uncontrolled Keywords: Mergers and acquisitions, performance measurement, synergies, preemption, overvaluation, corporate governance, agency problems.
Additional Information: Pdf uploaded in accordance with the publisher’s policy at http://www.sherpa.ac.uk/romeo/issn/1351-847X/ (accessed 16/10/2014)
Publisher: Taylor and Francis
ISSN: 1351-847X
Date of First Compliant Deposit: 30 March 2016
Date of Acceptance: 29 January 2014
Last Modified: 29 Jun 2019 15:59
URI: http://orca.cf.ac.uk/id/eprint/65754

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