• Medientyp: E-Book
  • Titel: Do Takeover Targets Under-Perform? Evidence from Operating and Stock Returns
  • Beteiligte: Agrawal, Anup [Verfasser:in]; Jaffe, Jeffrey F. [Sonstige Person, Familie und Körperschaft]
  • Erschienen: [S.l.]: SSRN, [2011]
  • Umfang: 1 Online-Ressource (43 p)
  • Sprache: Ohne Angabe
  • DOI: 10.2139/ssrn.272782
  • Identifikator:
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 2002 erstellt
  • Beschreibung: Financial economists seem to believe that takeovers are partly motivated by the desire to improve poorly-performing firms. However, prior empirical evidence in support of this inefficient management hypothesis is rather weak. We provide a detailed reexamination of this hypothesis in a large-scale empirical study. We find little evidence that target firms were performing poorly before acquisition, using either operating or stock returns. This result holds both for the sample as a whole and for sub-samples of takeovers that are more likely to be disciplinary. We conclude that the conventional view that targets perform poorly is not supported by the data
  • Zugangsstatus: Freier Zugang