Takeovers of Technology Firms: Expectations vs. Reality
研究发现，收购方股东对科技公司收购公告反应积极，但长期来看这些收购方表现不佳，低账面市值比和高代理问题是关键因素，说明市场对某些科技收购过于乐观。
The distinctive high-growth, high-risk nature of technology-based industries raises important questions about the creation of wealth in takeovers of technology firms. Although acquiring firm shareholders respond favorably to high-tech takeover announcements, these acquirers generally underperform industry-matched benchmarks and size- and book-to-market matched control portfolios in the long run. A key factor related to poor post-merger performance is a low bidder book-to-market ratio, especially when combined with a bidder ownership structure with high potential for agency problems. These findings suggest that the market tends to exhibit excess enthusiasm about the expected benefits of certain high-tech acquisitions.