The Post‐Merger Performance of Acquiring Firms: A Re‐examination of an Anomaly
用几乎涵盖纽交所收购方与目标方的样本，发现收购方股东在并购后五年内遭受约10%的统计显著损失，且该结果不受公司规模或贝塔估计问题影响，也不支持市场缓慢调整假说。
ABSTRACT The existing literature on the post‐merger performance of acquiring firms is divided. We re‐examine this issue, using a nearly exhaustive sample of mergers between NYSE acquirers and NYSE/AMEX targets. We find that stockholders of acquiring firms suffer a statistically significant loss of about 10% over the five‐year post‐merger period, a result robust to various specifications. Our evidence suggests that neither the firm size effect nor beta estimation problems are the cause of the negative post‐merger returns. We examine whether this result is caused by a slow adjustment of the market to the merger event. Our results do not seem consistent with this hypothesis.