Long-run post-merger stock performance of UK acquiring firms: a stochastic dominance perspective
Long-run post-merger stock performance of UK acquiring firms: a stochastic dominance perspective
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英国收购公司合并后的长期股票表现：随机主导视角
DOI：
10.1080/09603100500065305
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Huainan Zhao *
中科院分区：
文献类型：
--
作者：
Abhay Abhyankar;Keng;Huainan Zhao *
利用随机优势的思想，长期并购后的英国收购公司的股票表现进行了研究。业绩比较使用整个分布的回报，而不是只有在传统的事件研究的平均值。主要结果如下：第一，它被发现，在一般情况下，收购公司并没有显着落后于在合并后的三年，因为没有证据的一阶或二阶随机优势收购和基准投资组合之间的关系被观察到。其次，研究发现，支付过大溢价的收购者是随机主导的基准投资组合，这意味着超额支付是一个可能的原因，并购后表现不佳。与以往的研究一致，现金融资并购的绩效优于股票融资并购。最后，没有证据表明魅力收购者的表现不如价值收购者，因为两者之间没有随机优势关系。在一般情况下，研究结果强调的重要性，从不同的角度研究长期的并购后股票表现。
Using the idea of stochastic dominance, the long-run post-merger stock performance of UK acquiring firms is studied. Performance is compared by using the entire distribution of returns rather than only the mean as in traditional event studies. The main results are as follows: First, it is found that, in general, acquiring firms do not significantly underperform in three years after merger since no evidence of first- or second-order stochastic dominance relation between acquirer and benchmark portfolios is observed. Second, it is found that acquirers paying excessively large premiums are stochastically dominated by their benchmark portfolio implying that overpayment is a possible reason for post-merger underperformance. Consistent with previous studies, it is found that cash financed mergers outperform stock financed ones. Finally, no evidence is observed that glamour acquirers underperform value ones as no stochastic dominance relations between the two. In general, the results underline the importance of examining long-run post-merger stock performance from alternative perspectives.