On the role of acquisition premium in acquisition research
研究发现，当目标公司资源难以被市场估值时，高收购溢价可能是合理的；基于458个收购样本，高溢价并未导致收购方股东负异常回报，异常回报更受目标整体价格水平影响。
Abstract Several studies argue that paying high acquisition premia is value destroying for acquirer shareholders. There are studies that have even used the size of premium as a measure of low‐quality decision making. This paper departs from the earlier research and shows that acquisition premia may be justified when target firms' resources are difficult for the market to value. An analysis of a sample of 458 acquisitions demonstrates that although higher premia are paid for R&D‐related assets, the premia do not cause negative abnormal returns. Abnormal returns are more strongly affected by the overall target price levels independent of premia. Copyright © 2007 John Wiley & Sons, Ltd.