Applied Mergers and Acquisitions. Robert F. Bruner

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of firms that neither made acquisitions nor were acquired during the observation period. Consistent with Meeks’ finding, Mueller’s work finds that acquirers are significantly larger than targets, acquirers have been growing faster than their peers and than their targets, and are more highly leveraged than targets and peers. Regarding profitability, acquirers show no significant differences—the specific data for the United States are generally representative of the findings across many nations. Exhibit 3.10 on page 53 gives an excerpt of these findings.

EXHIBIT 3.7 Summary of Shareholder Return Studies for M&A: Combined Returns to Shareholders of Acquiring Firm and Target Firm

Study	Cumulative Abnormal Returns	Sample Size	Sample Period	Event Window (Days)	% Positive Returns	Notes
Halpern (1973)	+$27.35 MM	77	1950–1965	(–140,0)	N/A	Mergers.
Langetieg (1978)	0%	149	1929–1969	(0,60)	46%	Mergers; uses effective date as event baseline.
Firth (1980)	–£36.6 MM	434	1969–1975	(–20,0)	N/A	U.K. acquisitions.
Bradley, Desai, Kim (1982)	+$17 MM	162	1962–1980	(–20,5)	N/A	Tender offers; referenced through Jensen, Ruback (1983).
Bradley, Desai, Kim (1983)	+$33.9 MM	161	1963–1980	(–20,5)	N/A	Referenced through Weidenbaum, Vogt (1987).
Malatesta (1983)	+$32.4 MM*	30	1969–1974	(–20,20)	N/A	Mergers.
Varaiya (1985)	+$60.7 MM	N/A	N/A	(–60,60)	N/A	Referenced through Weidenbaum, Vogt (1987).
Bradley, Desai, Kim (1988)	+$117 MM (7.43%)*	236	1963–1984	(–5,5)	75%	Tender offers only; subperiod data available for 7/63–6/68, 7/68–12/80, 1/81–12/84; combined returns have not changed significantly over time.
Lang, Stulz, Walkling (1989)	+11.3%*	87	1968–1986	(–5,5)	N/A	Tender offers only.
Franks, Harris, Titman (1991)	+3.9%*	399	1975–1984	(–5,5)	N/A	Mergers and tender offers.
Servaes (1991)	+3.66%*	384	1972–1987	(–1,close)	N/A	Mergers and tender offers.
Bannerjee, Owers (1992)	+$9.95MM	33	1978–1987	(–1,0)	N/A	White knight bids.
Healy, Palepu, Ruback (1992)	+9.1%*	50	1979–1984	(–5,5)	N/A	Largest U.S. mergers during period.
Kaplan, Weisbach (1992)	+3.74%*	209	1971–1982	(–5,5)	66%	Mergers and tender offers.
Berkovitch, Narayanan (1993)	+$120 MM*	330	1963–1988	(–5,5)	75%	Tender offers only.
Smith, Kim (1994)	+8.88%* +3.79%*	177	1980–1986	(–5,5) (–1,0)	79.1% 73.8%	Tender offers only.
Leeth, Borg (2000)	+$86 MM	53	1919–1930	(–40,0)	56.6%	In 1998 dollars.
Mulherin (2000)	+2.53%* Скачать книгу В начало < 38 39 40 41 42 43 44 45 46 47 > В конец e-mail: [email protected]