Who Gains from Buying Bad Bidders?
研究发现，当目标公司过往收购造成较大价值损失时，其股东在后续收购中获得更高溢价，但收购方股东却遭受损失，且双方合并价值无显著提升，表明过往损失无法通过控制权变更挽回。
Abstract We study the value gains from takeovers of firms with poor acquisition histories. We document that the premium received by target shareholders is higher when the value loss from the targets’ prior acquisitions is larger. However, the gains to target shareholders seem to be offset by losses to acquiring shareholders. The average announcement return to acquiring shareholders is negative and decreasing in the value loss from the targets’ prior acquisitions. Additionally, the combined acquirer-target value created in these takeovers is insignificant. These results suggest that the value lost from targets’ prior acquisitions is not recovered through changes in corporate control.