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Despite large number of event studies of mergers, disagreement still exists over whether mergers increase the value of the merging firms. This paper develops a methodology that uses the distribution of gains and losses across the two samples of firms, and their relationship to one another. Little or no support is found for the hypothesis that mergers create synergies.
Despite large number of event studies of mergers, disagreement still exists over whether mergers increase the value of the merging firms. This paper develops a methodology that uses the dist…