The Impact of Non-Horizontal Mergers and Acquisitions on Rival Firms
碩士 === 國立成功大學 === 國際企業研究所 === 104 === This study was initiated from a question: what happened to rivals of acquiring firms while their competitors are involving into M＆A activities, which is a popular trend that seems to set continue in the future. It is commonly perceived that no one wants to be an...
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| Format: | Others |
| Language: | en_US |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/81097628669261476211 |
| Summary: | 碩士 === 國立成功大學 === 國際企業研究所 === 104 === This study was initiated from a question: what happened to rivals of acquiring firms while their competitors are involving into M＆A activities, which is a popular trend that seems to set continue in the future. It is commonly perceived that no one wants to be an outsider to M＆A between competitors. Past literatures tend to support that it is harmful for rivals of acquiring firms that many of their competitors are engaging in M＆A activities. Yet, this study instead argues that rivals of acquiring firms could benefit from large non- horizontal M＆A activities.
This research reveals that rivals experience positive abnormal returns at the
M＆A announcement date. Furthermore, the research also sheds light on interpreting the source of benefits that rivals of acquiring firms gain. The evidence presents that the competitive effect drives the abnormal returns of rivals of acquiring firms and has the tendency to support the hubris theory.
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