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Firm size and the gains from acquisitions
Abstract We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. The equally weighted abnormal announcement return is 1.1%, but acquiring-firm shareholders lose $25.2 million onExpand
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Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7Expand
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Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions
Abstract We provide empirical evidence on how cross-border acquisitions from the perspective of an US acquirer differ from domestic transactions based on stock and operating performance measures. ForExpand
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How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns
We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related toExpand
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The Value of Corporate Risk Management
We model and estimate the value of corporate risk management. We show how risk management can add value when revenues and costs are nonlinearly related to prices and estimate the model by regressingExpand
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Ownership structure and target returns
Contrary to past literature, ownership defined as "all officers and directors" of the target firm has no association with target returns. Rather, we find that inside (managerial) ownership has aExpand
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Do Shareholders of Acquiring Firms Gain from Acquisitions?
We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total of $218 billion when acquisitions were announced. Though shareholders loseExpand
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The effects of Six Sigma on corporate performance: An empirical investigation
Abstract The purpose of this study is to investigate the impact of adopting Six Sigma on corporate performance. Although there is a fairly large and growing body of anecdotal evidence associated withExpand
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Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers
We provide empirical evidence on how cross-border acquisitions from the perspective of an U.S. acquirer differ from domestic transactions, based on stock and operating performance measures. TheExpand
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gainsExpand
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