Large Wealth Creation in Mergers and Acquisitions
研究了并购公告中收购方股东获得巨额美元财富收益的交易，发现这些交易通常是规模较小的补充型收购、交易本身驱动而非公司或CEO驱动、协同效应增强且由高估值倍数竞标方执行。
Abstract We examine completed mergers and acquisitions (M&A) deals with large acquirer shareholder dollar wealth gains at announcement. We find that large‐gain acquisitions are: 1) typically “bolt‐on” deals that are small relative to the acquirer's size, 2) transaction‐specific events (not firm‐ or chief executive officer (CEO)‐specific events), 3) enhanced by synergies of the merged firm, and 4) executed by bidders with high valuation multiples. These findings provide important insight into the factors associated with considerable wealth creation for acquirer shareholders in M&A deals.