Disentangling the link between stock and accounting performance in acquisitions

André Betzer, Markus Doumet and Marc Goergen

The European Journal of Finance, 2015, vol. 21, issue 9, 755-771

Abstract: We study the accounting and stock performance of 4547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four possible combinations of positive or negative abnormal stock performance and abnormal accounting performance. First, we compare the bidder, bid and target characteristics across the four types of acquisitions. We find significant differences. Second, with the help of existing theories we explain these differences in bidder, bid and target characteristics by differences in the acquisition motives.

Date: 2015
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Working Paper: Disentangling the Link Between Stock and Accounting Performance in Acquisitions (2011)
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DOI: 10.1080/1351847X.2014.890633

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