Bicocca Open Archive

Logo unimib boa

Croci, E. (2005). Why do managers make serial acquisitions? An investigation of performance predictability in serial acquisitions [Working paper].

Why do managers make serial acquisitions? An investigation of performance predictability in serial acquisitions

CROCI, ETTORE
2005
Working paper
I evaluate why managers choose to make a series of acquisitions. To investigate this question, I study 591 bidding firms that completed at least five acquisitions within a five year interval during the sample period 1990-2002. I test four potential explanations for serial acquisitions: overconfidence, superior managerial acquisition skill, managerial empire building behavior, and that the acquisitions comprise a single plan. My tests focus on persistence in the sign of CARs around the announcements. As a group, serial bidders show no evidence of performance persistence or reversal, but successful acquirers show persistent success. My evidence is consistent with only one hypothesis: that some managers have superior acquisition skills
English
set-2005
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=727503
Croci, E. (2005). Why do managers make serial acquisitions? An investigation of performance predictability in serial acquisitions [Working paper].
none
99 - Altro
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/903
Citazioni
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
Social impact