Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57886 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
UO Working Paper Series No. 01-11
Verlag: 
University of Augsburg, Chair of Management and Organization, Augsburg
Zusammenfassung: 
We conduct an event study to assess the stock market evaluation of public takeover announcements. Unlike the majority of previous research, we specifically focus on acquisitions targeted at newly public IPO-firms and show that the stock market positively evaluates these M&As as R&D. However, bidders' abnormal announcement returns are significantly lower for takeovers directed at targets with critical intangible assets and innovative capabilities inalienably bound to their initial owners than for those that have internally accumulated respective resources and capabilities. We explain these findings with the acquirer's post-acquisition dependence on continued access to the IPO-firm founders' target-specific human capital. Our results contribute to literature in that they show that the stock market perceives these potential impediments to successful exploitation of acquired strategic resources and thus identify a potential cause for heretofore mostly inconsistent evidence on bidder abnormal returns in corporate takeovers found in previous research.
Schlagwörter: 
Ownership Structure
High-Tech IPO-Firms
Mergers & Acquisitions
JEL: 
D23
G32
G34
L22
M13
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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