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Post-Acquisition Performance Analysis by Alex Jovanovic is a document available to read on EtoBox.
This document summarizes a research article that examines the long-term post-acquisition performance of acquiring firms in mergers and tender offers. It finds that after adjusting for firm size and book-to-market ratios, acquirors in mergers underperform control portfolios by 4% in the three years after the acquisition, while acquirors in tender offers outperform by 9%. The underperformance of merger acquirors is predominantly due to poor performance of low book-to-market "glamour" firms. This provides evid
- Author
- Alex Jovanovic
- Language
- EN