Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave

被引：694

作者：

Moeller, SB ^{[1
]}

Schlingemann, FP

Stulz, RM

机构：

[1] Wake Forest Univ, Babcock Grad Sch Management, Winston Salem, NC 27109 USA

[2] Univ Pittsburgh, Katz Grad Sch Business, Pittsburgh, PA 15260 USA

[3] Ohio State Univ, Max M Fisher Coll Business, Columbus, OH 43210 USA

[4] Natl Bur Econ Res, Cambridge, MA 02138 USA

[5] Northwestern Univ, JL Kellogg Grad Sch Management, Evanston, IL USA

[6] Univ Chicago, George G Stigler Ctr Study Econ & State, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCE | 2005年 / 60卷 / 02期

关键词：

D O I：

10.1111/j.1540-6261.2005.00745.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Acquiring-firm shareholders lost 12 cents around acquisition announcements per dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. The 1998 to 2001 aggregate dollar loss of acquiring-firm shareholders is so large because of a small number of acquisitions with negative synergy gains by firms with extremely high valuations. Without these acquisitions, the wealth of acquiring-firm shareholders would have increased. Firms that make these acquisitions with large dollar losses perform poorly afterward.

引用

页码：757 / 782

页数：26

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