Difficulté d'évaluation de la cible et rendements anormaux des acquéreurs à l'annonce de fusions et acquisitions
(2010)
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- Authors
- Supervisors
- Aktas, Nihat
- Abstract
- (en) In this study, we examine if the difficulty to value the target has an impact on the CAR of the acquirer around the M&A announcement date. First, we describe the general context of the M&A phenomenon from a micro- and macroeconomic point of view through the different theories about the effects valuation of M&A and through the historic evolution of these decisions. We then present a review of the main determinants of the acquirer's CAR from the scientific literature, classified according to the characteristics of the operation, of the acquirer and of the target. And finally, the difficulty to value the target is suggested as a new determinant influencing positively the CAR of the acquirer. To capture this difficulty, we use several proxies and among others, we observe on a sample of M&A involving American public companies between 1990 and 2002 that target R&D expenses, idiosyncratic volatility and the fact for the target not to be followed by financial analysts help the acquirer to get greater CAR around the announcement date.
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Citations
Tesolin, G. (2010). Difficulté d’évaluation de la cible et rendements anormaux des acquéreurs à l’annonce de fusions et acquisitions. https://hdl.handle.net/2078.5/129656