Affiliation:
1. Hankamer School of Business, Baylor University , USA
2. Judge Business School, University of Cambridge , UK
3. School of Business, Hong Kong Baptist University , People’s Republic of China
Abstract
Abstract
Using a novel typology of serial acquirers, we examine several puzzles documented in the prior literature. We show that acquisitions by different types of acquirers are driven by different factors, they acquire different sizes of targets, and subsequent acquisitions by acquirers are predictable ex ante. Controlling for market anticipation, the most frequent serial acquirers do not earn declining returns as they continue acquiring, while less frequent acquirers do. Our methodology enhances our understanding of serial acquisition dynamics, anticipation, and economic value adjustments. The methodology is likely to be relevant to topics related to event anticipation beyond those covered in this study. (JEL G14, G34, G35)
Received April 18, 2023; editorial decision June 14, 2023 by Editor Isil Erel
Publisher
Oxford University Press (OUP)
Subject
Economics and Econometrics,Finance,Business and International Management
Cited by
1 articles.
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