Corporate Takeovers, Strategic Objectives, and Acquiring-Firm Shareholder Wealth
研究收购方的战略目标与股价表现，发现现金收购和扩大地理范围或市场份额的收购能为股东带来更高回报，而多元化收购则可能导致股东损失。
I investigate the strategic objectives and stock price performance of acquiring firms. The results support both the asymmetric information hypothesis (acquiring-firm shareholders earn higher returns following cash offers) and also the strategic alignment hypothesis (acquiring-firm shareholders earn higher returns following takeovers that expand the firm’s operations geographically or increase its market share). Further analysis shows that shareholder losses are limited primarily to those takeovers based on diversification strategies, when the acquiring firm cites potential overlap with its existing operations. The latter firms tend to have more favorable growth opportunities prior to the takeover announcement.