https://scholars.lib.ntu.edu.tw/handle/123456789/631093
標題: | Managerial ability and acquirer returns | 作者: | SHENG-SYAN CHEN Lin, Chih Yen |
關鍵字: | Environmental uncertainty | Managerial ability | Mergers and acquisitions | Shareholder wealth | 公開日期: | 五月-2018 | 出版社: | ELSEVIER SCIENCE INC | 卷: | 68 | 起(迄)頁: | 171-182 | 來源出版物: | Quarterly Review of Economics and Finance | 摘要: | This paper examines the impact of managerial ability on the profitability of mergers and acquisitions. We find that acquisitions by firms with high managerial ability generate better announcement abnormal returns as well as better post-announcement abnormal returns than deals by firms with low managerial ability. We also find deals with high managerial ability pay significantly lower premiums than deals without. Further, we find that managers with high managerial ability perform better in scenarios with high environmental uncertainty, which suggests that high environmental uncertainty is an important scenario that should be incorporated into studies of the influence of managerial ability. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631093 | ISSN: | 10629769 | DOI: | 10.1016/j.qref.2017.09.004 |
顯示於: | 財務金融學系 |
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