Applied Mergers and Acquisitions. Robert F. Bruner

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rel="nofollow" href="#ulink_20713e64-1e1c-5d25-ae23-1d6ffa4f8875">* U.S. only 48 0.1069* U.S. domestic N/A Wansley et al. (1983) 0.3864* target of foreign buyer 39 1970–1978 –40,0 Focus is U.S. targets. 0.2800* target of U.S. buyer Difference is significant at 5% level. 164 Shaked et al. (1991) 0.168* foreign buyer 29 1980–1983 –1,0 Focus is U.S. targets. 0.148* domestic buyer Difference is significant in oils, mining, and machinery. 82 Harris, Ravenscraft (1991) 0.397* foreign buyers 1,273 1970–1987 –5,0 Focus is U.S. targets. 0.263* U.S. buyers Marr et al. (1993) 0.1182* foreign buyers 0.0627* U.S. buyers Difference is significant at 5% level. 96 1975–1987 –1,0 Focus is U.S. targets. Kang (1993) 0.0907* Japanese buyers 0.0684 U.S. buyers Difference is not significant. 102 1975–1988 –1,0 Focus is U.S. targets. Pettway, Sicherman, Speiss, (1993) 0.3700† 10 1981–1991 –1,0 Focus is U.S. targets of Japanese buyers. Servaes, Zenner (1994) 0.3802* 1979–1980 0.1520* 1981–1986 0.4161* 1987–1988 779 1979–1988 N/A Focus is U.S. targets. Dewenter (1995) Domestic acquisition premium is not significantly different from foreign acquisition premium. 294 1978–1989 N/A Focus is U.S. targets. Looked at premiums unique to two industries, chemicals and retailing. Argued that observed differences in other studies were due to industry composition of samples. Eun, Kolodny, Scheraga (1996) 0.3702* all observations 0.3715* Canadian buyers 0.4855* Japanese buyers 0.3555* U.K. buyers’ 0.3530* all other buyers 213 1979–1990 –5,0 Focus is U.S. targets. Kiymaz, Mukherjee (2000) Strong effects of currency and relative GNP growth rates of two countries. 141 1982–1991 –1,0 Focus is U.S. targets. Kuipers, Miller, Patel (2003) +23.07%† $121.86 MM† 181 1982–1991 –1,0 Focus is U.S. targets.

*Significant at the 95 percent confidence level.

†Significant at the 99 percent confidence level.

EXHIBIT 5.8 Returns to Buyers of Foreign Targets

Study	Cumulative Abnormal Returns (% or avg$/acq)	Sample Size	Sample Period	Event Window (Days)	Notes
Conn, Connell (1990)	–0.0787* a non-U.S.(DMM) –0.0677* a non-U.S.(IMM) –0.025 U.S. (DMM) –0.026 U.S. (IMM)	73	1971–1980	Скачать книгу В начало < 63 64 65 66 67 68 69 70 71 72 > В конец e-mail: [email protected]