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Published in:
2015 | OriginalPaper | Chapter
The Impact of Pre‑Acquisition Alliances on Post‑Acquisition Performance
Authors : Tobias Scheinert, Daniel Streitz
Published in: Forum Mergers & Acquisitions 2014
Publisher: Springer Fachmedien Wiesbaden
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While studies on short‑term shareholder wealth effects following M&A announcements have shown that these transactions create value for targets and bidders combined, the evidence on announcement returns to acquiring firm shareholders is mixed. Also the evidence on post‑merger operating performance of the combined firm does not paint a clear picture. By using earnings or cash‑flow based measures some empirical studies show a positive effect of mergers on corporate profitability, while others report insignificant or negative effects.