Target Firm-Specific Information and Acquisition Efficiency
研究发现目标公司的特定信息能提高收购效率，即合并后公司总价值超过两公司独立运营之和，且这种效应在多元化收购中更显著。
This study investigates whether firm-specific information about targets improves acquisition efficiency. We define acquisition efficiency as the total surplus generated by an acquisition and measure it as the difference in the value of the merged firm and the sum of the two firms operating separately. We find a positive association between target firm-specific information and acquisition efficiency that is driven mainly by diversifying acquisitions. Additional evidence suggests that both the likelihood of the withdrawal of an announced acquisition and the likelihood of a future divestiture of a target decrease with target firm-specific information. Taken together, our findings suggest that the availability of this information improves merger and acquisitions efficiency. This paper was accepted by Mary Barth, accounting.