How far does financial reporting allow us to judge whether M&A activity is successful?
用英国数据重新检验了并购的价值效应，发现市场回报显示并购破坏价值，而会计指标显示并购创造协同效应，并证明财务报告中的协同信息与并购后异常回报相关。
Evidence from share price returns suggests that acquisitions destroy value. On the other hand, evidence from accounting measures of performance suggests that acquisitions give rise to synergies and therefore potentially create value. In this paper, we first revisit the UK evidence using an updated sample, and confirm that these findings still hold, and importantly hold in the period following the introduction of FRS10. We then reconcile the (apparently conflicting) findings from these market-based and accounting-based approaches. Using accounting measures of performance, we confirm the presence of synergies developed during acquisitions. Finally we show that post-acquisition abnormal returns are associated with news of synergistic benefits conveyed in the financial statements.