||M&A Characteristics and IPO Long-Term Performance
||Institute of International Business
IPO long-term performance
mergers and acquisitions
Brau, Couch, and Sutton (2012)提出公司在上市後一年內進行併購是導致IPO長期績效不佳的重要原因。根據其發現，本研究搜集2001年到2010年間689家在上市後一年內進行併購的美國企業，深入探討具備不同併購特徵(併購支付方式、同業/異業合併、目標公司上市狀態)的併購事件對IPO長期績效的影響。單變量與複迴歸實證結果指出以現金支付方式進行併購的IPO公司長期股價表現顯著優於以非現金支付方式進行併購的IPO公司；而具備另兩項併購特徵(同業/異業合併、目標公司上市狀態)的併購事件對IPO長期股價則無顯著影響。
Brau, Couch, and Sutton (2012) find that mergers and acquisitions of new publicly traded firms serve as a vital and previously unrecognized role in the long-term underperformance of initial public offering (IPOs). Based on their findings, I further examine the association between acquisitions with three characteristics (method of payment, bidder/target relatedness, and target firm status) and IPO long-run performance. I analyze 689 IPOs that become acquirers within the first year of IPO from 2001 to 2010. The univariate results and multivariate regression results show that IPOs that make cash acquisitions significantly outperform than IPOs that make non-cash acquisitions for 3-year holding periods following the first year, while acquisitions with other two characteristics don’t have significant effect on IPO long-run stock performance.
Chapter 1. Introduction 1
Chapter 2. Literature Review 5
2.1 Post-IPO Performances 5
2.2 Acquisitions and IPO Long-Run Underperformance 9
2.3 Merger and Acquisition Performances 10
2.4 Merger and Acquisition Characteristics 12
Chapter 3. Methodology 17
3.1 Sample Selection 17
3.2 Methodology and Dependent Variable 18
3.3 Independent Variables 20
3.4 Control Variables 21
Chapter 4. Empirical Results 23
4.1 Descriptive Statistics 23
4.2 Univariate Results 26
4.3 Multivariate Results 32
Chapter 5. Conclusion 42
5.1 Managerial Implication 42
5.2 Limitations and Suggestions for Future Research 44
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