Disentangling the link between stock and accounting performance in acquisitions

Betzer, Andre, Goergen, Marc ORCID: https://orcid.org/0000-0003-4391-2651 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:	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:	28 Oct 2022 10:17
URI:	https://orca.cardiff.ac.uk/id/eprint/77699

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