Acquisition announcements and stock market valuations of acquiring firms' rivals: A test of the growth probability hypothesis in China

被引：90
|
作者：
Gaur, Ajai S. [1 ]
Malhotra, Shavin [2 ]
Zhu, Pengcheng [3 ]
机构：
[1] Rutgers State Univ, Rutgers Business Sch Newark & New Brunswick, Newark, NJ 07102 USA
[2] Ryerson Univ, Ted Rogers Sch Management, Toronto, ON, Canada
[3] Univ Pacific, Eberhardt Sch Business, Stockton, CA 95211 USA
来源：
STRATEGIC MANAGEMENT JOURNAL | 2013年 / 34卷 / 02期
关键词：
growth probability hypothesis; acquisitions; rival firms; stock market returns; China; HORIZONTAL MERGERS; CORPORATE ACQUISITIONS; BUSINESS GROUPS; RETURNS; IMPACT; PERFORMANCE; TARGET; GAINS; MONOPOLIZATION; TAKEOVERS;
D O I：
10.1002/smj.2009
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
To examine the impact of acquisition announcements on the stock market returns of rivals of the acquiring firms, we propose a growth probability hypothesis: when an acquisition is announced, it signals the potential for future growth in the acquirer's industry to the market, resulting in positive stock market reactions to rivals of the acquiring firms. We test the growth probability hypothesis with a longitudinal sample of Chinese domestic and cross-border acquisitions during 19932008. The results provide robust support for this hypothesis as a means to explain market reactions to rivals of acquiring firms. We also empirically test and negate alternative theoretical explanations advanced in prior literature to explain positive market reactions to rivals of the target firms. Copyright (c) 2012 John Wiley & Sons, Ltd.
引用
收藏
页码：215 / 232
页数：18
相关论文
共 3 条
1