The wealth effects of mergers and acquisitions to target-companies in USA for the period 1920-2000 : a critical examination of related empirical studies

Δημήτριος Λ. Παπαδόπουλος, Δημήτριος Ν. Σουμπενιώτης, Ιωάννης Α. Ταμπακούδης


In the present paper we collect and assess the results from a number of empirical studies which
deal with the economic impact of mergers and acquisitions to the share value of target-companies
in USA. The studies in question cover a time interval from 1920 until 2000 and represent almost
the entire studies that evaluate the phenomenon among various business areas. Despite the fact
that positive results arise for target-companies shareholders from mergers and acquisitions, the
results show significant divergences among studies with overlapping sample periods and/or with
common or similar event windows, fact which prevents the derivation of concrete conclusions.


Acquisitions; Mergers; Market; United States of America

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