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Download fileAcquiring acquirers
journal contribution
posted on 2017-02-10, 11:54 authored by Ludovic Phalippou, Fangming Xu, Huainan ZhaoHuainan ZhaoTarget 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 FinanceVolume
19Issue
4Pages
1489 - 1541Citation
PHALIPPOU, L., XU, F. and ZHAO, H., 2015. Acquiring Acquirers. Review of Finance, 19(4), pp. 1489-1541.Publisher
© The Authors. Published by Oxford University Press on behalf of the European Finance AssociationVersion
- 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
2014-09-09Copyright date
2014Notes
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/rfu037ISSN
1572-3097eISSN
1573-692XPublisher version
Language
- en