Les déterminants de la destruction de valeur à court terme pour l'entreprise acquéreuse

Hicham Sbai

Journal of Academic Finance, 2017, vol. 8, issue 2

Abstract: This paper analyse bidder short-term returns of 86 takeovers bids that occur between 1997 and 2002 on the French market. Furthermore, the determinants of this performance are examined to improve understanding of the sources of value creation or destruction arising from M&A. The event study methodology is used to estimate bidder value creation. Two findings are shown in this study. First, we find strong evidence that the announcement of a takeover bid destructed of value for the bidder. Second, these results show that the relative size of the target and the announcement period transaction is associated with value destruction for the bidder.

JEL-codes: G3 G34 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.scientific-society.com/journal/index.php/AF/article/view/99 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jaf:journl:v:8:y:2017:i:2:n:82

Access Statistics for this article

Journal of Academic Finance is currently edited by Jamel Henchiri

More articles in Journal of Academic Finance from RED research unit, university of Gabes, Tunisia Contact information at EDIRC.
Bibliographic data for series maintained by Oussama Quentin Kasseh ().