Titre du document / Document title

When do acquirers earn abnormal returns?

Auteur(s) / Author(s)

CAPRON Laurence ⁽¹⁾ ; PISTRE Nathalie ⁽²⁾ ;

Affiliation(s) du ou des auteurs / Author(s) Affiliation(s)

⁽¹⁾ INSEAD, Fontainebleau, FRANCE
⁽²⁾ CDC Ixis Asset Management, Paris, FRANCE

Résumé / Abstract

In this study, we explore the conditions under which acquirers earn abnormal returns. We provide an empirical test of Barney and Chatterjee's arguments by examining the role of the respective resource contribution of the target and the acquirer. Combining an event study with a survey of postacquisition resource transfer on a sample of 101 horizontal acquisitions, we find that acquirers do not earn abnormal returns when they only receive resources from the target. In this case, it is likely that multiple bidders, which could have equally captured these resources, competed away all the abnormal returns from the successful bidder. In contrast, we find that acquirers can expect to earn abnormal returns when they transfer their own resources to the target. Overall, we find that value creation does not ensure value capture for the acquirer.

Revue / Journal Title

Strategic management journal   ISSN 0143-2095   CODEN SMAJD8 

Source / Source

2002, vol. 23, n^o9, pp. 781-794

Langue / Language

Anglais

Editeur / Publisher

Wiley, Chichester, ROYAUME-UNI  (1980) (Revue)

Mots-clés anglais / English Keywords

Financial management ; Firm management ; Resource ; Acquisition ; Firm strategy ;

Mots-clés français / French Keywords

Etude evènement ; Retour anormal ; Gestion financière ; Gestion entreprise ; Ressource ; Acquisition ; Stratégie entreprise ;

Mots-clés espagnols / Spanish Keywords

Administración financiera ; Administración empresa ; Recurso ; Adquisición ; Estrategia empresa ;

Localisation / Location

INIST-CNRS, Cote INIST : 18826, 35400010897677.0010