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題名 Managerial ability and acquirer returns
作者 陳聖賢
Chen, Sheng-Syan
Lin, Chih-Yen
貢獻者 財管系
關鍵詞 Managerial ability; Mergers and acquisitions; Environmental uncertainty; Shareholder wealth
日期 2018-05
上傳時間 24-Jul-2018 16:16:59 (UTC+8)
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.
關聯 The Quarterly Review of Economics and Finance,Volume 68, Pages 171-182
資料類型 article
DOI https://doi.org/10.1016/j.qref.2017.09.004
dc.contributor 財管系
dc.creator (作者) 陳聖賢zh_TW
dc.creator (作者) Chen, Sheng-Syanen_US
dc.creator (作者) Lin, Chih-Yenen_US
dc.date (日期) 2018-05
dc.date.accessioned 24-Jul-2018 16:16:59 (UTC+8)-
dc.date.available 24-Jul-2018 16:16:59 (UTC+8)-
dc.date.issued (上傳時間) 24-Jul-2018 16:16:59 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118859-
dc.description.abstract (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.en_US
dc.format.extent 671225 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) The Quarterly Review of Economics and Finance,Volume 68, Pages 171-182
dc.subject (關鍵詞) Managerial ability; Mergers and acquisitions; Environmental uncertainty; Shareholder wealthen_US
dc.title (題名) Managerial ability and acquirer returnsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.qref.2017.09.004
dc.doi.uri (DOI) https://doi.org/10.1016/j.qref.2017.09.004