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Disentangling the link between stock and accounting performance in acquisitions

Betzer, Andre, Goergen, Marc and Metzger, Daniel 2009. Disentangling the link between stock and accounting performance in acquisitions. [Working Paper]. Cardiff Working Papers in Accounting and Finance, Cardiff: Cardiff University.

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Abstract

While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or negative abnormal stock returns and accounting performance is due to a distinct acquisition motive. We find strong empirical evidence in support of this claim.

Item Type: Monograph (Working Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Publisher: Cardiff University
Date of First Compliant Deposit: 30 March 2016
Last Modified: 04 Jun 2017 08:25
URI: http://orca-mwe.cf.ac.uk/id/eprint/77699

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