haku: @author Travlos, N. G. / yhteensä: 4
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| Tekijä: | Doukas, J. A. Holmen, M. Travlos, N. G. |
| Otsikko: | Diversification, Ownership and Control of Swedish Corporations |
| Lehti: | European Financial Management
2002 : SEP, VOL. 8:3, p. 281-314 |
| Asiasana: | CONGLOMERATE MERGERS COMPANIES DIVERSIFICATION |
| Kieli: | eng |
| Tiivistelmä: | The authors study the short- and long-term valuation effects of Swedish takeovers. Using a sample of 93 bidding firms that acquired 101 targets between 1980 and 1995, the authors find that diversifying acquisitions lead to a negative market reaction and deterioration of the operating performance of the bidder. Announcement and performance gains in each of the three years following the acquisition occur only when bidders expand their core rather than their peripheral lines of business. The authors' findings suggest that focused acquisitions lead to greater synergies and operating efficiencies than diversifying acquisitions. The paper states bidders do not realise significant gains whether they adopt diversifying or focusing investment strategies. |
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