Paths and Patterns toward Acquirer Success in Mergers and Acquisitions

Abstract : Financial implications for buyers in mergers and acquisitions (M&A) have been a topic of fascination with academics and practitioners for decades. Despite extensive business research dedicated toward investigating whether and how acquirers perform financially in the short and long terms following M&A, so far, the clarity of our understanding about these issues remains elusive. This doctoral thesis seeks to bring more clarity to these questions by examining complex interactions among several key aspects of M&A. Chapter 1 investigates how acquirer experience influences long-term performance through key pre- and post-transaction decisions and how such indirect influence differs in domestic and cross-border contexts. Chapter 2 explores the configurations of deal and acquirer characteristics as well as acquirer corporate governance mechanisms corresponding to positive acquirer cumulative abnormal returns (CAR). Chapter 3 investigates the interactive effects among host countries’ formal institutions, acquirer characteristics and corporate governance mechanisms on acquirer CAR. Finally, Chapter 4 examines the influence of business news reports on acquirer CAR.
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Jiachen Yang. Paths and Patterns toward Acquirer Success in Mergers and Acquisitions. Business administration. Université Paris-Saclay, 2018. English. ⟨NNT : 2018SACLH005⟩. ⟨tel-01835749⟩

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