| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9523 |
| 来源ID | Working Paper 9523 |
| Do shareholders of acquiring firms gain from acquisitions? | |
| Sara B. Moeller; Frederik P. Schlingemann; Rene M. Stulz | |
| 发表日期 | 2003-03-03 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total of $218 billion when acquisitions were announced. Though shareholders lose throughout our sample period, losses associated with acquisition announcements after 1997 are dramatic. Small firms gain from acquisitions, so that shareholders of small firms gained $8 billion when acquisitions were announced and shareholders of large firms lost $226 billion. We examine the cross-sectional variation in the announcement returns of acquisitions. Small firm shareholders earn systematically more when acquisitions are announced. This size effect is typically more important than how an acquisition is financed and than the organizational form of the assets acquired. The only acquisitions that have positive aggregate gains are acquisitions of subsidiaries. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w9523 |
| 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/567143 |
| 推荐引用方式 GB/T 7714 | Sara B. Moeller,Frederik P. Schlingemann,Rene M. Stulz. Do shareholders of acquiring firms gain from acquisitions?. 2003. |
| 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 | ||
| w9523.pdf（527KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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