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Title: Acquiring acquirers
Authors: Phalippou, Ludovic
Xu, Fangming
Zhao, Huainan
Keywords: Mergers and acquisitions
Takeovers
Acquirer announcement returns
Issue Date: 2015
Publisher: © The Authors. 4. Published by Oxford University Press on behalf of the European Finance Association
Citation: PHALIPPOU, L., XU, F. and ZHAO, H., 2015. Acquiring Acquirers. Review of Finance, 19(4), pp. 1489-1541.
Abstract: Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market for corporate takeovers: acquisition announcement returns, probability of deal success, propensity to acquire and be acquired. Acquisitive targets, though a small proportion of the sample, are responsible for half of the overall negative acquisition announcement returns. Our large body of empirical evidence consistently supports the view that the motivation behind acquisitions of acquisitive targets is defensive: acquirers ‘eat in order not to be eaten’.
Description: This is a pre-copyedited, author-produced version of an article accepted for publication in Review of Finance following peer review. The version of record PHALIPPOU, L., XU, F. and ZHAO, H., 2015. Acquiring Acquirers. Review of Finance, 19(4), pp. 1489-1541. is available online at: http://dx.doi.org/10.1093/rof/rfu037
Version: Accepted for publication
DOI: 10.1093/rof/rfu037
URI: https://dspace.lboro.ac.uk/2134/24081
Publisher Link: http://dx.doi.org/10.1093/rof/rfu037
ISSN: 1572-3097
Appears in Collections:Published Articles (Business School)

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