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What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions
Abstract
We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets and methods of payment, any variation in returns must be due to the characteristics of the target and the bid. Results indicate bidder shareholders gain when buying a private firm or subsidiary but lose when purchasing a public firm. Further, the return is greater the larger the target and if the bidder offers stock. These results are consistent with a liquidity discount, and tax and control effects in this market.
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Citations
Cites
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,745
Cited by
Who makes acquisitions? CEO overconfidence and the market's reaction☆
MALMENDIER, U., & TATE, G. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.002 · Cited by 2,754
Corporate Governance and Acquirer Returns
MASULIS, R. W., WANG, C., & XIE, F. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01259.x · Cited by 1,772
Is working capital management value-enhancing? Evidence from firm performance and investments
Aktas, N., Croci, E., & Petmezas, D. (2015) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2014.12.008 · Cited by 534
Mitchell, M., Pulvino, T., & Stafford, E. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00626.x · Cited by 426
Performance of serial acquirers: toward an acquisition program perspective
Laamanen, T., & Keil, T. (2008) · Strategic Management Journal · doi:10.1002/smj.670 · Cited by 398
Metadata
- Authors
- Fuller, K., Netter, J., & Stegemoller, M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2002-08
- Volume
- 57
- Issue
- 4
- Pages
- 1763-1793
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2024701722
- Cited by
- 1,741
- References
- 1
- FWCI
- 97.80
- Type
- journal article
- Language
- en
- Open access
- closed
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- Fuller, K., Netter, J., & Stegemoller, M. (2002). What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions. The Journal of Finance. https://doi.org/10.1111/1540-6261.00477
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
