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Acquiring acquirers

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journal contribution
posted on 10.02.2017 by Ludovic Phalippou, Fangming Xu, Huainan Zhao
Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market for corporate takeovers: acquisition announcement returns, probability of deal success, propensity to acquire and be acquired. Acquisitive targets, though a small proportion of the sample, are responsible for half of the overall negative acquisition announcement returns. Our large body of empirical evidence consistently supports the view that the motivation behind acquisitions of acquisitive targets is defensive: acquirers ‘eat in order not to be eaten’.

History

School

  • Business and Economics

Department

  • Business

Published in

Review of Finance

Volume

19

Issue

4

Pages

1489 - 1541

Citation

PHALIPPOU, L., XU, F. and ZHAO, H., 2015. Acquiring Acquirers. Review of Finance, 19(4), pp. 1489-1541.

Publisher

© The Authors. 4. Published by Oxford University Press on behalf of the European Finance Association

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2015

Notes

This is a pre-copyedited, author-produced version of an article accepted for publication in Review of Finance following peer review. The version of record PHALIPPOU, L., XU, F. and ZHAO, H., 2015. Acquiring Acquirers. Review of Finance, 19(4), pp. 1489-1541. is available online at: http://dx.doi.org/10.1093/rof/rfu037

ISSN

1572-3097

eISSN

1573-692X

Language

en

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