| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3348 |
| 来源ID | Working Paper 3348 |
| Does Corporate Performance Improve After Mergers? | |
| Paul M. Healy; Krishna G. Palepu; Richard C. Rubak | |
| 发表日期 | 1990-05-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | We examine the post-acquisition operating performance of merged firms using a sample of the 50 largest mergers between U.S. public industrial firms completed in the period 1979 to 1983. The results indicate that merged firms have significant improvement in asset productivity relative to their industries after the merger, leading to higher post-merger operating cash flow returns. Sample firms maintain their capital expenditure and R&D rates relative to their industries after the merger, indicating that merged firms do not reduce their long-term investments. There is a strong positive relation between postmerger increases in operating cash flows and abnormal stock returns at merger announcements, indicating that expectations of economic improvements underlie the equity revaluations of the merging firms. |
| URL | https://www.nber.org/papers/w3348 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560637 |
| 推荐引用方式 GB/T 7714 | Paul M. Healy,Krishna G. Palepu,Richard C. Rubak. Does Corporate Performance Improve After Mergers?. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3348.pdf（526KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
