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003			ZW-GwMSU
005			20240429101741.0
008			230830b |||||||| |||| 00| 0 eng d
022			_a13504851
040			_aMSU _cMSU _erda _bEnglish
050	0	0	_aH1.A666 APP
100	1		_aChang Shao - Chi _eauthor
245	1	0	_aLong-run performance of mergers and acquisition of privately held targets: _bEvidence in the USA _ccreated by Shao-Chi Chang and Ming-Tse Tsai
264	1		_aNew York: _bTaylor and Francis, _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplie economics letters _vVolume 20, number 5
520	3		_aIn this study, we examine the long-run performance of firms acquiring privately held targets. Past studies have documented a positive market reaction to the announcement of Mergers and Acquisitions (M&A) of privately held targets. The M&As of privately held targets involve uncertain information, which investors are more likely to misestimate. In this study, we tested the long-run performances of acquiring firms and found negative results. We further found that the stock performance of acquiring firms was superior prior to the M&A. Our results suggest that investors may over-extrapolate prior good performance and that the long-run reversed return corrects the overestimation in response to announcements of M&A.
650			_aPrivately held target _vInformation uncertainty _xMerger and acquisition _zUSA
700	1		_aTsai Ming - Tse _eco-author
856			_uhttps://doi.org/10.1080/13504851.2012.718060
942			_2lcc _cJA
999			_c163126 _d163126