The Effects of Horizontal Acquisitions on Rivals: Short-term and Long-term Performance

in International Symposium (oral presentation paper), 國際研討會(全文口頭發表)
標題The Effects of Horizontal Acquisitions on Rivals: Short-term and Long-term Performance
出版類型國際研討會(全文口頭發表)
出版年度2012
AuthorsYu-Chieh Chao, 趙雨潔
出版日期Aug 15 2012 12:0
會議地點屏東科技大學IB203(視訊會議)
其他編號0000
中文摘要

This paper examines the predictions of market power hypothesis, productive efficiency view, and information efficiency view on rivals’ short-term and long-term performance. Evidence from 136 horizontal acquisitions with 1281 rivals during 1994-2003 shows that horizontal acquisitions create value for rivals in the short-term while destroy value for rivals in the long-term. That is, market power hypothesis and information efficiency view have a stronger prediction of rivals’ performance in the short-term. However, productive efficiency view determines rivals’ performance in the long-term. Implications for research and practice are discussed.

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