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Measuring the Economic Gains of Mergers and Acquisitions: Is it Time for a Change?Antonios AntoniouWealth Associates Philippe ArbourLloyds TSB Corporate Markets Huainan ZhaoCranfield School of Management March 2011 Abstract: In this paper we review the methods of measuring the economic gains of mergers and acquisitions (M&A). We show that the widely employed event study methodology, whether for short or long event windows, has failed to provide meaningful insight and usable lessons regarding the central question of whether mergers and acquisitions create value. We believe the right way to assess the success and therefore the desirability of M&A is through a thorough analysis of company fundamentals. This will require examining smaller samples of transactions with similar characteristics.
Number of Pages in PDF File: 24 Keywords: Mergers & Acquisitions, Takeovers, Wealth Effect, Value Creation, Event Study, Fundamental Analysis JEL Classification: G14, G34 working papers seriesDate posted: August 22, 2004 ; Last revised: March 14, 2011Suggested CitationContact Information
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