Acquisition announcements and stock market valuations of acquiring firms' rivals: A test of the growth probability hypothesis in China
研究收购公告如何影响收购方竞争对手的股票回报，提出增长概率假说并用1993-2008年中国收购数据验证，发现收购信号会提升行业增长预期，从而利好竞争对手。
Abstract To examine the impact of acquisition announcements on the stock market returns of rivals of the acquiring firms, we propose a growth probability hypothesis: when an acquisition is announced, it signals the potential for future growth in the acquirer's industry to the market, resulting in positive stock market reactions to rivals of the acquiring firms. We test the growth probability hypothesis with a longitudinal sample of Chinese domestic and cross‐border acquisitions during 1993–2008. The results provide robust support for this hypothesis as a means to explain market reactions to rivals of acquiring firms. We also empirically test and negate alternative theoretical explanations advanced in prior literature to explain positive market reactions to rivals of the target firms. Copyright © 2012 John Wiley & Sons, Ltd.