A Re‐Examination of the Market Reaction to Failed Mergers
研究1976-1985年间并购取消后股价的重新评估，发现后续有并购活动的目标公司获得正累积预测误差，而无后续活动的目标公司股价回归至公告前水平。
ABSTRACT This study examines the revaluation of shares surrounding the cancellation of mergers over the years 1976–1985. The results are first categorized according to the party cancelling the merger and then by subsequent merger activity. The results are as expected: target firms that become involved in merger activity, subsequent to the cancellation, experience positive cumulative prediction errors (CPEs). Targets that do not become involved in subsequent merger activity have CPEs that return to pre‐merger announcement levels. These results do not vary when bidders or targets cancel the merger.