The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave
Abstract
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.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
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
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.05.006 · Cited by 993
Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs
HARFORD, J., & LI, K. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01227.x · Cited by 580
CAI, J., GARNER, J. L., & WALKLING, R. A. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01504.x · Cited by 470
Metadata
- Authors
- MOELLER, S. B., SCHLINGEMANN, F. P., & STULZ, R. M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2005-03-02
- Volume
- 60
- Issue
- 2
- Pages
- 757-782
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2890350860
- Cited by
- 1,417
- References
- 2
- FWCI
- 208.57
- Type
- journal article
- Language
- en
- Open access
- closed
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- MOELLER, S. B., SCHLINGEMANN, F. P., & STULZ, R. M. (2005). Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00745.x
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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.
