Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave

被引：666

作者：

Moeller, SB ^{[1
]}

Schlingemann, FP

Stulz, RM

机构：

[1] Wake Forest Univ, Babcock Grad Sch Management, Winston Salem, NC 27109 USA

[2] Univ Pittsburgh, Katz Grad Sch Business, Pittsburgh, PA 15260 USA

[3] Ohio State Univ, Max M Fisher Coll Business, Columbus, OH 43210 USA

[4] Natl Bur Econ Res, Cambridge, MA 02138 USA

[5] Northwestern Univ, JL Kellogg Grad Sch Management, Evanston, IL USA

[6] Univ Chicago, George G Stigler Ctr Study Econ & State, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCE | 2005年 / 60卷 / 02期

关键词：

D O I：

10.1111/j.1540-6261.2005.00745.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Acquiring-firm shareholders lost 12 cents around acquisition announcements per dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. The 1998 to 2001 aggregate dollar loss of acquiring-firm shareholders is so large because of a small number of acquisitions with negative synergy gains by firms with extremely high valuations. Without these acquisitions, the wealth of acquiring-firm shareholders would have increased. Firms that make these acquisitions with large dollar losses perform poorly afterward.

引用

页码：757 / 782

页数：26

共 3 条

[1] Corporate takeovers, strategic objectives, and acquiring-firm shareholder wealth
Walker, MM
[J]. FINANCIAL MANAGEMENT, 2000, 29 (01) : 53 - 66
[2] Impact of merger on stock returns and economic value added (EVA) of the acquiring firms: a study from Indian corporate sector
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Garg, Sonia
[J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024, 19 (03) : 649 - 664
[3] Study on the large-scale development of accounting firms-Based on merger case analysis of Xiamen Tianjian accounting firm
Shi Jinping
[J]. PROCEEDINGS OF THE 2013 CONFERENCE ON EDUCATION TECHNOLOGY AND MANAGEMENT SCIENCE (ICETMS 2013), 2013, : 1135 - 1140

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