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Acquiring Acquirers

delete2014-09-09
delete18
delete
OA
AI
L
Ludovic Phalippou *
F
Fangming Xu
H
Huainan Zhao
DOI：10.1093/rof/rfu037delete
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Abstract

Abstract

En 中文
Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market for corporate takeovers: acquisition announcement returns, probability of deal success, propensity to acquire and be acquired. Acquisitive targets, though a small proportion of the sample, are responsible for half of the overall negative acquisition announcement returns. Our large body of empirical evidence consistently supports the view that the motivation behind acquisitions of acquisitive targets is defensive: acquirers eat in order not to be eaten.
Keywords:
MARKET VALUATION
CORPORATE GOVERNANCE
INDUSTRY SHOCKS
BIDDING FIRMS
MERGER
TAKEOVER
RETURNS
GAINS
ACQUISITIONS
CEOS
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Journal

Review of Finance cover
Review of Finance
IF:
8.4
Papers:
901
Citations:
4.8K

Organization

U
university of oxford
Scholars:
9.8W
Papers: 8.6W
Citations: 137
U
University of Bristol
Scholars:
3.1W
Papers: 3.0W
Citations: 5.3W
C
cranfield university
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6.3K
Papers: 6.6K
Citations: 1
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