Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264883 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
CFR Working Paper No. 22-09
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
Companies occasionally are unable to finalize publicly announced M&A bids-a phenomenon we refer to as failed deals. Despite their commonality, the implications of failed deals for bidding firms are not well understood. We thus theorize about and empirically investigate the relationship between failed deals and subsequent M&A behavior. In doing so, we present multiple reasons for what we term "the once bitten, twice shy effect," whereby firms act more cautiously in the M&A context following failed deals. In a sample of M&As across North American and European firms, we find empirical support consistent with our theorizing suggesting the cautiousness following failed deals results in a longer time-period between M&A bids, smaller target firm size, and a greater likelihood of advisor usage.
Schlagwörter: 
mergers and acquisitions
corporate strategy
failed deals
risk and decision making
M&A activity
Dokumentart: 
Working Paper

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