DC Field | Value | Language |
---|---|---|
dc.contributor.author | Ferris, S.P. | ko |
dc.contributor.author | Park, Kwangwoo | ko |
dc.date.accessioned | 2008-04-22T08:14:36Z | - |
dc.date.available | 2008-04-22T08:14:36Z | - |
dc.date.created | 2012-02-06 | - |
dc.date.created | 2012-02-06 | - |
dc.date.issued | 2002 | - |
dc.identifier.citation | ADVANCES IN FINANCIAL ECONOMICS, v.7, no.0, pp.127 - 144 | - |
dc.identifier.issn | 1569-3732 | - |
dc.identifier.uri | http://hdl.handle.net/10203/4059 | - |
dc.description.abstract | Using a sample of telecommunications mergers during the 1990-1993 period, we find that acquiring firms underperform relative to their size and industry-matched control firms. The annual cumulative abnormal returns (CARs) to these firms are significantly negative for five years following the merger. Shareholders of the acquiring firm suffer a wealth loss of nearly 20% over the five-year post-merger period. We obtain similar results from three- and five-year holding period returns (HPRs). Our findings are consistent with those of earlier studies and indicate that regulated industries also experience post-merger underperformance. We do find upon disaggregation of the sample that larger mergers exhibit positive long-run performance while the mid-size and smaller mergers underperform relative to their control firms. We further observe that conglomerate mergers demonstrate superior long-run performance while that for non-conglomerate mergers is consistent with the aggregate sample findings and suggests significant underperformance. © 2002. | - |
dc.language | English | - |
dc.language.iso | en_US | en |
dc.publisher | JAI Press | - |
dc.title | How different is the long-run performance of mergers in the telecommunications industry? | - |
dc.type | Article | - |
dc.identifier.scopusid | 2-s2.0-35448943196 | - |
dc.type.rims | ART | - |
dc.citation.volume | 7 | - |
dc.citation.issue | 0 | - |
dc.citation.beginningpage | 127 | - |
dc.citation.endingpage | 144 | - |
dc.citation.publicationname | ADVANCES IN FINANCIAL ECONOMICS | - |
dc.embargo.liftdate | 9999-12-31 | - |
dc.embargo.terms | 9999-12-31 | - |
dc.contributor.localauthor | Park, Kwangwoo | - |
dc.contributor.nonIdAuthor | Ferris, S.P. | - |
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