The Long-Run Performance of Mergers and Acquisitions: Evidence from the Canadian Stock Market
研究1980至2000年间267起加拿大并购案的长期表现，发现收购方在三年后显著跑输市场，且魅力型收购方和股权支付交易表现更差。
We study the long-term performance of 267 Canadian mergers and acquisitions that take place between 1980 and 2000, using different calendar-time approaches with and without overlapping cases. Our results suggest that Canadian acquirers significantly underperform over the three-year post-event period. Further analysis shows that our results are consistent with the extrapolation and the method-of-payment hypotheses; that is, glamour acquirers and equity financed deals underperform. We also find that cross-border deals perform poorly in the long run.