Resource title

Can firms learn to acquire? Do markets notice?

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Using financial, accounting and questionnaire responde data, the authors investigate the post-acquisition performance of 47 US bank holding companies that executed 579 mergers and acquisitions in the 1964-1996 period and compare it with their competitors' performance. The objectives of the study are to identify the factors that explain the variance in the distribution of post-acquisition performance, and to test whether the financial markets efficiency predict performance outcomes by incorporating public information about the acquiring firm into the stock price following the acquisition announcement.

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en

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application/pdf

Resource resource URL

http://flora.insead.edu/fichiersti_wp/inseadwp1999/99-82.pdf

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Copyright INSEAD. All rights reserved