Abstract

http://ssrn.com/abstract=1474614
 
 

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Disentangling the Link between Stock and Accounting Performance in Acquisitions


André Betzer


BUW- Schumpeter School of Business and Economics

Markus Doumet


University of Mannheim - Finance Area

Marc Goergen


Cardiff University - Cardiff Business School; European Corporate Governance Institute (ECGI)

January 1, 2014

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 259/2009

Abstract:     
We study the accounting and stock performance of 4,547 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.

Number of Pages in PDF File: 34

Keywords: Mergers and acquisitions, performance measurement, synergies, preemption, overvaluation, corporate governance, agency problems

JEL Classification: G34, G3, G14

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Date posted: September 20, 2009 ; Last revised: February 18, 2014

Suggested Citation

Betzer, André and Doumet, Markus and Goergen, Marc, Disentangling the Link between Stock and Accounting Performance in Acquisitions (January 1, 2014). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 259/2009. Available at SSRN: http://ssrn.com/abstract=1474614 or http://dx.doi.org/10.2139/ssrn.1474614

Contact Information

André Betzer (Contact Author)
BUW- Schumpeter School of Business and Economics ( email )
Gaußstraße 20
Wuppertal
Germany
HOME PAGE: http://finance.uni-wuppertal.de/index.php?id=1153
Markus Doumet
University of Mannheim - Finance Area ( email )
Mannheim, 68131
Germany
Marc Goergen
Cardiff University - Cardiff Business School ( email )
Colum Drive
Cardiff, CF10 3EU
United Kingdom
HOME PAGE: http://www.cf.ac.uk/carbs/faculty/goergenm/index.html
European Corporate Governance Institute (ECGI) ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
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