The wealth effects of mergers and acquisitions to target-companies in USA for the period 1920-2000 : a critical examination of related empirical studiesPart of : Σπουδαί : journal of economics and business ; Vol.58, No.3-4, 2008, pages 148-166
In the present paper we collect and assess the results from a number of empirical studies which deal with the economic impact of mergers and acquisitions to the share value of target-companies in USA. The studies in question cover a time interval from 1920 until 2000 and represent almost the entire studies that evaluate the phenomenon among various business areas. Despite the fact that positive results arise for target-companies shareholders from mergers and acquisitions, the results show significant divergences among studies with overlapping sample periods and/or with common or similar event windows, fact which prevents the derivation of concrete conclusions.
mergers, acquisitions, efficient market theory, cumulative abnormal returns, event window
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