Solving Serial Acquirer Puzzles

Antonio J Macias, P Raghavendra Rau and Aris Stouraitis

The Review of Corporate Finance Studies, 2025, vol. 14, issue 1, 35-84

Abstract: Using a novel typology of serial acquirers, we examine several puzzles documented in the prior literature. We show that acquisitions by different types of acquirers are driven by different factors, they acquire different sizes of targets, and subsequent acquisitions by acquirers are predictable ex ante. Controlling for market anticipation, the most frequent serial acquirers do not earn declining returns as they continue acquiring, while less frequent acquirers do. Our methodology enhances our understanding of serial acquisition dynamics, anticipation, and economic value adjustments. The methodology is likely to be relevant to topics related to event anticipation beyond those covered in this study. (JEL G14, G34, G35)

Date: 2025
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