2004
DOI: 10.2139/ssrn.567110
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Can the Stock Market Systematically Make Use of Firm- and Deal-Specific Factors when Initially Capitalizing the Real Gains from Mergers and Acquisitions?

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Cited by 4 publications
(2 citation statements)
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“…A strong positive relationship is found between post acquisition operating cash flows and abnormal stock returns at the acquisition announcement. The results of other studies which show improvement in the performance of firms after merger are [23]- [28].…”
Section: Prior Evidencementioning
confidence: 83%
“…A strong positive relationship is found between post acquisition operating cash flows and abnormal stock returns at the acquisition announcement. The results of other studies which show improvement in the performance of firms after merger are [23]- [28].…”
Section: Prior Evidencementioning
confidence: 83%
“…Research has shown, however, that size matters when it comes to performance, and that the two are inversely related (Andrade et al, 2001). Carline et al (2002), for example, show that larger deal values predict poorer performance, and this has led to the suggestion that smaller firms, making smaller deals, may make better acquirers. Moeller et al (2004Moeller et al ( , 2005 empirically confirm this suggestion.…”
Section: How Do Smes Perform In Mandas?mentioning
confidence: 99%