Data di Pubblicazione:
2018
Citazione:
Does post-ipo M&A activity affect firms’ profitability and survival? / M. Bonaventura, S. Bonini, V. Capizzi, G. Giudici. - In: JOURNAL OF FINANCIAL MANAGEMENT, MARKETS AND INSTITUTIONS. - ISSN 2282-717X. - 6:1(2018), pp. 1850005.1-1850005.21. [10.1142/S2591768418500058]
Abstract:
In this paper, we investigate the post-IPO operating performance of acquiring companies listed in the US in the period 1986–2008. We find that acquiring IPO firms delivers better operating returns when compared to non-acquiring IPO firms in the five years after the listing. This result holds controlling for both IPO and firm-specific characteristics. Furthermore, acquiring targets already listed on the stock exchange and running stock deals are associated with the improved operating performance. Finally, we find that acquisitions also affect the newly listed companies’ survival, reducing both the time to failure and the time to being acquired, which suggest a structural acceleration of the “natural” company lifecycle.
Tipologia IRIS:
01 - Articolo su periodico
Keywords:
Mergers and acquisition; initial public o®erings; operating performance; strategic investments
Elenco autori:
M. Bonaventura, S. Bonini, V. Capizzi, G. Giudici
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