Écarts d'acquisition, résultats résiduels consécutifs et surprix

Côme Segrétain ()
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Côme Segrétain: LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique

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Abstract: We investigate whether accounting data are able to qualify the success of listed companies' merger and acquisition strategy. To do so, we derive from Ohlson' RIV (1995) and IFRS goodwill definition a theoretical model linking goodwill in acquirer balance sheet n to residual income n+1 and overpayment. We so reach the same goodwill split as proposed by previous research (Johnson and Petrone, 1998). We then test our model on French data (SBF 120) collected for years 2005 to 2008 and find significant correlation between goodwill and acquirer next residual income. Next researches should incorporate better proxy for the overpayment part and enhance the model empiric specifications to resist to scale effects.

Keywords: goodwill; residual income; comprehensive income; Ohlson model; mergers and acquisitions; écarts d'acquisition; résultat résiduel; résultat global; modèle d'Ohlson; fusions et acquisitions (search for similar items in EconPapers)
Date: 2011-05-10
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Published in Comptabilités, économie et société, May 2011, Montpellier, France. pp.cd-rom

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