The long-run performance of mergers and acquisitions:: Evidence from the Canadian stock market

被引：0
|
作者：
André, P [1 ]
Kooli, M
L'Her, JF
机构：
[1] HEC Montreal, Montreal, PQ, Canada
[2] Univ Edinburgh, Edinburgh, Midlothian, Scotland
[3] Univ Quebec, Montreal, PQ H3C 3P8, Canada
[4] Investment Policy Res, Caisse Depot & Placement Quebec, Res & Investment Policy Advising, Montreal, PQ, Canada
来源：
FINANCIAL MANAGEMENT | 2004年 / 33卷 / 04期
关键词：
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the long-term performance of 267 Canadian mergers and acquisitions that take place between 1980 and 2000, using different calendar-time approaches with and without overlapping cases. Our results suggest that Canadian acquirers significantly under perform over the three-year post-event period. Further analysis shows that our results are consistent with the extrapolation and the method-of-payment hypotheses; that is, glamour acquirers, and equity financed deals underperform. We also find that cross-border deals perform poorly in the long run.
引用
收藏
页码：27 / 43
页数：17
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