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| Tekijä: | Akhigbe, A. Martin, A.D. |
| Otsikko: | Do Microsoft acquisitions benefit the computer industry? |
| Lehti: | Financial Analysts' Journal
2002 : JUL/AUG, VOL. 58:4, p. 19-27 |
| Asiasana: | Software Industries Companies Competition Mergers Stock markets Prices USA |
| Kieli: | eng |
| Tiivistelmä: | This study examines whether acquisitions by Microsoft Corporation affect the stock prices of its competitors in the computer industry. It finds that Microsoft's acquisitions in the Internet / online-services segment adversely affect the stock prices of the Internet / online-services rival portfolio. These competitors appear to be threatened by Microsoft's moves, anti-competitive or otherwise, to further its industry leadership and affirm the future success of the targets' technologies. Furthermore, the results of the study do not indicate that the financial market perceives Microsoft's operatingsystem acquisitions to be instrumental in achieving synergies from Microsoft's dominant role in the operating-system segment to the detriment of its Internet/online-services rivals. |
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