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| Tekijä: | Craninckx, K. Huyghebaert, N. |
| Otsikko: | Can stock markets predict M&A failure? A study of European transactions in the fifth takeover wave |
| Lehti: | European Financial Management
2011 : JAN, VOL.17:1, p. 9-45 |
| Asiasana: | stock markets mergers Europe |
| Vapaa asiasana: | announcement effect failures prediction M&A |
| Kieli: | eng |
| Tiivistelmä: | The author develops various measures of M&A failure for an intra-European sample during the fifth takeover wave: inferiour long-term stock performance, inferiour operating performance, and target divestment. After documenting the extent of M&A failure, based on tests the relation between short-term abnormal returns at deal announcement and M&A failure and examines a sample where listed bidders acquire listed targets (267 deals) as well as privately-held targets (336 deals). In this paper,their results indicate M&A failure rates up to 50% in both samples. When acquirers and targets are listed, lower M&A announcement returns are consistently and significantly associated with higher M&A failure probabilities and long-term losses. In contrast, when targets are privately held, The author finds no evidence of such an association. |
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