Asset versus equity acquisitions by financial institutions
研究了金融机构进行资产收购与股权收购对股东价值的影响，发现资产收购能带来更高的累计异常回报和更好的经营绩效。
Abstract We examine the impact of asset versus equity acquisitions in generating firm value for financial institutions. We find that acquirers experience statistically and economically significantly higher cumulative abnormal returns in asset acquisitions compared to equity acquisitions. We analyze the announcement‐period returns and find that investors' reaction to asset acquisitions by financial institutions is met more favorably than are equity acquisitions. When employing the difference‐in‐differences approach, we find that asset acquisitions entail improved operating performance.