查詢結果分析
相關文獻
- The Long-term Performance of Conglomerate and Non-conglomerate Acquirers
- 跨業多角化經營結合的福利效果分析
- "Speakable" Written Language: A Linguistic Study of Free Indirect Discourse in Pride and Prejudice
- 公用氣體燃料事業轉投資及兼營業務處置之研議
- 合作社的名稱與業務多角化經營探討
- 臺灣電力公司新事業開發與人力發展策略
- 多角化牽引企業優勢
- 多角化能解決冗員問題嗎﹖
- 集團企業赴大陸之經營模式與其影響因素之研究
- 公營事業推動多角化之法規及經營模式之探討
頁籤選單縮合
題 名 | The Long-term Performance of Conglomerate and Non-conglomerate Acquirers=混合性及非混合性主併公司之長期績效 |
---|---|
作 者 | 徐俊明; 胡慈容; 楊維如; | 書刊名 | 財務金融學刊 |
卷 期 | 17:2 2009.06[民98.06] |
頁 次 | 頁163-196 |
分類號 | 555.77 |
關鍵詞 | 混合性購併; 多角化; 付款方式; 傲慢; Conglomerate mergers and acquisitions; Diversification; Hubris; Means of payments; |
語 文 | 英文(English) |
英文摘要 | This study investigates the long-run performance of 392 US cases of mergers and acquisitions (M&As). We define a conglomerate (non-conglomerate) M&A when the acquirer and target have different (the same) 2-digit SIC codes. Using Berger and Ofek's (1995) and Lamont and Polk's (2002) measures, we find that conglomerate acquirers are prone to underperform after M&As while non-conglomerate acquirers perform about the same as they did. These results are consistent with the argument that diversification mitigates the firm value. We also find that conglomerate and non-conglomerate acquirers' performance are associated with different M&A characteristics. Conglomerate acquirers' underperformance can be explained by managers' "hubris." On the other hand, non-conglomerate acquirers who paid cash tend to perform well after M&As, while those who buy high earnings-yield targets tend to perform poorly. |
本系統中英文摘要資訊取自各篇刊載內容。