An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.

碩士 === 國立中興大學 === 財務金融學系所 === 106 === This research analyzes whether firms buy lottery-like targets at specific times and explores the long-term performance after mergers and acquisitions. A lottery-like target means that the characteristics of a company is similar to the characteristics of a lotter...

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Main Authors:	Pei-Hsun Yang, 楊佩珣
Other Authors:	徐俊明
Format:	Others
Language:	zh-TW
Published:	2017
Online Access:	http://ndltd.ncl.edu.tw/handle/zk2qjj

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spelling	ndltd-TW-106NCHU53040062019-05-16T01:24:30Z http://ndltd.ncl.edu.tw/handle/zk2qjj An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum. 企業併購彩券型公司之分析-併購浪潮與產業動能 Pei-Hsun Yang 楊佩珣碩士國立中興大學財務金融學系所 106 This research analyzes whether firms buy lottery-like targets at specific times and explores the long-term performance after mergers and acquisitions. A lottery-like target means that the characteristics of a company is similar to the characteristics of a lottery ticket which has negative expected returns, a low winning probability ,but a high potential payoff. Our empirical evidence shows that firms tend to merge lottery-like targets when firms are at industry merger wave or industry momentum. Moreover, the long term performance for buying lottery-like targets is worse. 徐俊明 2017 學位論文 ; thesis 28 zh-TW
collection	NDLTD
language	zh-TW
format	Others
sources	NDLTD
description	碩士 === 國立中興大學 === 財務金融學系所 === 106 === This research analyzes whether firms buy lottery-like targets at specific times and explores the long-term performance after mergers and acquisitions. A lottery-like target means that the characteristics of a company is similar to the characteristics of a lottery ticket which has negative expected returns, a low winning probability ,but a high potential payoff. Our empirical evidence shows that firms tend to merge lottery-like targets when firms are at industry merger wave or industry momentum. Moreover, the long term performance for buying lottery-like targets is worse.
author2	徐俊明
author_facet	徐俊明 Pei-Hsun Yang 楊佩珣
author	Pei-Hsun Yang 楊佩珣
spellingShingle	Pei-Hsun Yang 楊佩珣 An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
author_sort	Pei-Hsun Yang
title	An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
title_short	An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
title_full	An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
title_fullStr	An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
title_full_unstemmed	An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.
title_sort	analysis of firms acquiring lottery-like targets: merger waves and industry return momentum.
publishDate	2017
url	http://ndltd.ncl.edu.tw/handle/zk2qjj
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An Analysis of Firms Acquiring Lottery-Like Targets: Merger Waves and Industry Return Momentum.

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