Takeovers of Technology Firms: Expectations vs. Reality

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CEO compensation and incentives: Evidence from M&A bonuses (2004, unknown): “Several studies also show a negative drift in the price of the acquiring firm several years after the acquisition (see e.g., Jensen and Ruback, 1983; Agrawal et al., 1992; Loughran and Vijh, 1997; Kohers and Kohers, 2001).”
Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis (2009, background): “There is also evidence of negative long run returns, for example, Agrawal, Jaffe, and Mandelker (1992), Gregory (1997), Rau and Vermaelen (1998) and Kohers and Kohers (2001).”
The Desire to Acquire and IPO Long-Run Underperformance (2012, background): “…(2008) find similar evidence of the value-destroying effects of acquisitions made by bidders with a propensity toward overconfidence.2 In addition, Kohers and Kohers (2001) show that investors tend to be overly optimistic about the future performance of acquirers in high-tech takeovers,…”
A century of corporate takeovers: What have we learned and where do we stand? (2008, unknown): “…Wave, 1993-2001 Datta, Iskandar-Datta and Raman (2001), US 1993-98 MM BHARs (0, +36) 437 48 125 360 M TO Cash No Cash -10.67a +6.20 -18.82c -6.0c Kohers and Kohers (2001), US: HT companies 1984-95 Size and B/M RATS BHARs CAARs (0, +36) 304 M +32.09a -18.68a 42 Study Sample period Benchmark…”