کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7364610 1479107 2016 41 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do acquisitions affect IPO long-run performance? Evidence from single vs. multiple acquirers
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Do acquisitions affect IPO long-run performance? Evidence from single vs. multiple acquirers
چکیده انگلیسی
Prior research does not consider the case of IPO firms making frequent acquisitions after going public and treat all transactions as a one-time deal. We distinguish between frequent and infrequent acquirers and find that the first deal of frequent acquirers does not negatively affect the long-run performance of initial public offerings (IPOs); however, the second deal does. We also find that frequent acquirers experience significantly poorer performance in the five years following the IPO. The cumulative average abnormal returns for one through four years based on industry, size, and book-to-market ratio matching method are −20.07% for frequent acquirers as compared to −6.22% for infrequent acquirers. Further, we find that frequent acquirers are less likely to survive in the five years following the IPO than single acquirers are. We confirm that investors are overoptimistic about the decision to acquire within the first year of going public.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 40, January 2016, Pages 63-79
نویسندگان
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