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| Tekijä: | Capron, L. Shen, J-C. |
| Otsikko: | Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns |
| Lehti: | Strategic Management Journal
2007 : SEP, VOL. 28:9, p. 891-911 |
| Asiasana: | strategic planning consolidation mergers private sector public sector industries surveys |
| Kieli: | eng |
| Tiivistelmä: | This study explores three questions: 1. What drives the acquirer's (hereafter as: acqrs.) choice btw. public (here as: pbl.) and private (as: prv.) targets (as: tgs.)? 2. Do acquisitions (as: acqs.) of prv. tgs. elicit a more positive stock market reaction than acqs. of pbl. ones etc.? 3. Do acqrs. gain when their selection of a pbl. or prv. tgs. fits the theory? It is argued that the lack of information on prv. tgs. limits the breadth of the acqrs. search and increases its risk of not evaluating properly the assets of prv. tgs. Based on an event study and survey data, it is found that: 1. acqrs. favour prv. tgs. in familiar industries turning to pbl. ones to enter new business domains or industries with a high level of intangible assets, 2. acqrs. of prv. tgs. perform better than acqrs. of pbl. ones on merger announcement, after controlling for endogeneity bias, 3. acqrs. of prv. firms perform better than if they had acquired a pbl. firm, and acqrs. of pbl. firms perform better than if they had acquired a prv. firm. The results support the expectation that acqrs. returns from their target choice (prv./pbl.) are not universal but depend on the acqrs. type of search and on the merging firms' attributes. |
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