Does operating performance really improve following corporate acquisitions

By Aloke Ghosh. 2001

512 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/4fcdda83df172c8e136bd36e833a915c6b299329

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Citations in the corpus

The long-term performance of acquiring firms: A re-examination of an anomaly (2009, methodology): “We use cash flow to total assets as a proxy for operating performance (Ghosh, 2001; Healy et al., 1992). We find significant improvements in “acquiring firms” operating performance while considering industry adjusted pre- and post-acquisition operating performance (mean difference is 1.3% per year a”
Post-Merger Performance of Acquiring Firms from Different Industries in India (2008, background): “Ghosh (3) examined the question of whether operating cash flow performance improves following corporate acquisitions, using a design that accounted for superior pre-acquisition performance, and found that merging firms did not show evidence of improvements in the operating performance following acqu”
Financial leverage changes associated with corporate mergers (2000, background): “Ž. because in a recent paper Ghosh 1999 finds no evidence of improvements in performance following mergers using performance and size-matched firms as a benchmark.”
Does ownership concentration improve M&A outcomes in emerging markets?: Evidence from India (2012, unknown): “…extends that of Yen and 1 This conclusion was drawn by the majority of studies that used event study analysis (Asquith, 1983; Agrawal et al., 1992), and also the majority of those that undertook comparison of pre- and post-M&A financial performance (Ravenscraft and Scherer, 1989; Ghosh, 2001).”
Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms (2017, background): “Despite the rapid pace and increasing importance of cross-border M&As by Chinese firms, existing research has predominantly focused on M&As undertaken by firms from developed countries (Ghosh, 2001; Kruse, et al., 2007; Martynova & Renneboog, 2008; Pazarskis, et al., 2006; Sharma & Ho, 2002).”
The Determinants of Positive Long-Term Performance in Strategic Mergers: Corporate Focus and Cash (2004, unknown): “Using the operating cash flow return measure employed by Healy, Palepu, and Ruback (1992) and Ghosh (2001), we compare the relative post-merger operating cash flow returns (OCFRs) of our sample firms to relative pre-merger”
The Long-Term Operating Performance of European Mergers and Acquisitions (2006, methodology): “The result is consistent with previous empirical findings for the US (see e.g. Gregory, 1997; Ghosh, 2001; Louis 2004).”
Deal Size, Acquisition Premia and Shareholder Gains (2013, unknown): “( 2001 ) find significant acquisition - induced improvements in the operating performance of the acquiring company ( relative to the firm " s industry median ) , Ghosh ( 2001 ) fails to record significant changes in post - acquisition operating performance .”
The impact of acquisitions on firm performance: A review of the evidence (2007, unknown): “ Ghosh (2001) has shown that an industry adjustment of raw return on equity used by Healy et al. (1992) might produce positively biased estimates.”
Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China's Listed Companies (2008, methodology): “Following Barber and Lyon (1997) and Ghosh (2001), we also measure performance against firms matched on the basis of industry, performance, and size.”
Do Auctions Induce a Winner's Curse? New Evidence from the Corporate Takeover Market (2008, methodology): “In structuring our analysis of operating performance, we follow the general recommendations of Barber and Lyon (1996) as well as the approach in papers more specific to takeovers including Ghosh (2001) , Heron and Lie (2002), and Powell and Stark (2005).”
Does Operating Performance Increase Post-takeover for UK Takeovers? A Comparison of Performance Measures and Benchmarks (2005, methodology): “Using a change model and controlling for industry, size and pre-performance, Ghosh (2001) finds no evidence of statistically significant, post-takeover improvements in the operating cash flows arising from takeovers.”
Productivity, Restructuring, And The Gains From Takeovers (2013, unknown): “Except for a few studies (see, e.g., Ravenscraft and Scherer, 1989; Ghosh, 2001), most studies conclude that takeovers improve target firm’s plant-level productivity (see, e.”
Acquisitions Driven by Stock Overvaluation: Are They Good Deals? (2013, methodology): “Consistent with Ghosh (2001), Healy, Pelepu, and Ruback’s (1992) method seems to yield”
Does M&A Pay? A Survey of Evidence for the Decision-Maker (2004, background): “Ghosh, 2001 1981-1995, 315 mergers Buyers experience returns on assets no different from a control sample following acquisitions.”