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Presentation
Returns of Financial Mergers: Evidence from Serial and Nonserial Acquirers
Midwest Finance Association Annual Meeting (2012)
  • Allissa A. Lee, Georgia Southern University
Abstract
I extend existing literature by exploring returns of financial firms with regard to their acquisition behavior. More specifically, I examine returns based on whether they are serial acquirers. In a sample of financial firm mergers and acquisitions, I find that serial acquirers often outperform nonserial acquirers. Acquisitions of private targets, in particular, result in higher returns to the bidder than do acquisitions of public firms. I find little evidence indicating that, as the number of acquisitions or the order of the acquisition increases, returns decline. My results support the Organizational Learning and Liquidity Hypotheses. 

Keywords
  • Returns,
  • Financial mergers,
  • Nonserial acquirers,
  • Serial acquirers
Publication Date
2012
Location
New Orleans, LA.
Citation Information
Allissa A. Lee. "Returns of Financial Mergers: Evidence from Serial and Nonserial Acquirers" Midwest Finance Association Annual Meeting (2012)
Available at: http://works.bepress.com/allissa-lee/8/