Returns of Financial Mergers: Evidence from Serial and Nonserial AcquirersMidwest Finance Association Annual Meeting (2012)
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.
- Financial mergers,
- Nonserial acquirers,
- Serial acquirers
LocationNew Orleans, LA.
Citation InformationAllissa 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/