| dc.contributor | 國貿系 | - |
| dc.creator (作者) | 徐政義 | - |
| dc.creator (作者) | Huang, Siao-Fang;Shiu, Cheng-Yi;Wei, Hui-Shan | - |
| dc.date (日期) | 2025-12 | - |
| dc.date.accessioned | 24-Sep-2025 09:54:07 (UTC+8) | - |
| dc.date.available | 24-Sep-2025 09:54:07 (UTC+8) | - |
| dc.date.issued (上傳時間) | 24-Sep-2025 09:54:07 (UTC+8) | - |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/159645 | - |
| dc.description.abstract (摘要) | This paper examines the effect of appreciation in stock price and currency of the acquirer on the announcement effect and long-term stock performance of acquisitions using deals from G7 countries and China between 2009 and 2022. The study calculates the stock return and the change in the real effective exchange rate over the year prior to announcement. The empirical results show that when the acquiring firm’s stock price rises more prior to announcement, both the announcement abnormal return and long-term stock performance are weaker. In contrast, when the currency of the acquiring firm appreciates, the post-acquisition long-run performance is improved. The results demonstrate a divergent effect of equity price and currency appreciation on the acquisition performance. Finally, our empirical results show that stock-based acquisitions of publicly listed firms produce a negative market reaction and are detrimental to the long-term value of the acquirer's shareholders. | - |
| dc.format.extent | 123 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Review of Accounting and Auditing Studies (會計審計論叢), Vol.15, No.2, pp.75-119 | - |
| dc.subject (關鍵詞) | Currency; Prior stock return; Announcement effect; Long-run performance; Acquisitions | - |
| dc.title (題名) | Do Appreciations in Equity Price and Currency Benefit the Acquirers' Shareholders? Evidence from G7 Countries and China | - |
| dc.title (題名) | 股價與匯率升值是否有利於主併者股東？來自G7國家與中國的證據 | - |
| dc.type (資料類型) | article | - |
