Investors’ Reactions to Alliance‐Engendered Acquisition Ambiguity: Evidence from U.S. Technology Deals
研究发现目标公司的联盟数量越多，投资者对收购公告的反应越负面，尤其是当联盟涉及外国伙伴时，但经验丰富的收购方会缓解这种负面效应。
Abstract We study how, when target firms are engaged in strategic alliances, the ambiguity surrounding an acquisition's anticipated synergies influences investors’ reactions to announcements of acquisitions. Drawing on behavioural finance research and the resource redeployment literature, we predict that investors’ limited access to the information encoded in the target firms’ alliances and the uncertainty around the re‐deployability of their embedded resources generate a negative relationship between the number of target alliances and investors’ reactions. We also hypothesize that this negative effect is exacerbated when the alliances involve foreign alliance partners but is attenuated when acquirers are experienced in acquiring targets with alliances. Analysis of a large sample of US technology acquisitions supports all our hypotheses. We contribute to management research by offering a viable explanation of investors’ reactions to the announcement of major corporate events, such as acquisitions, whose structural characteristics deny investors material information about these events’ potential to create value.