The Post-merger Performance Puzzle

By Anup Agrawal, J. Jaffe. 2000

398 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8607e9183f46fd5fdcee022a3063ea7e572fa9a0

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Citations in the corpus

Foreign acquisitions by UK limited companies: short- and long-run performance (2005, neutral): “There is an extensive literature that documents the long-run under-performance of domestic acquirers, which is major issue in explaining the rationality of merger activity by firms (for a review of this literature, see Agrawal and Jaffe, 2000).”
The impact of acquisitions on firm performance: A review of the evidence (2007, neutral): “However, as pointed out by Agrawal and Jaffe (2000) , many of the early studies (i.e.”
Performance Implications of Firm Resource Interactions in the Acquisition of R&D-Intensive Firms (2008, background): “These mixed signals represent an apparent inconsistency or unsolved puzzle (Agrawal and Jaffe 2000), because firms continue to use acquisitions as a strategic tool with no evidence establishing that acquisitions improve firm performance.”
Performance of domestic and cross-border acquisitions: empirical evidence from Russian acquirers (2012, background): “Most studies find that firm value is reduced or that M&As exert no impact at all, leading to a so-called underperformance puzzle (Agrawal and Jaffe, 2000; Andrade and others, 2001; Moeller and others, 2004).”
Failure and success in mergers and acquisitions (2019, neutral): “For surveys on the long-term post-acquisition performance literature, see Agrawal and Jaffe (2000), Andrade et al. (2001), King et al. (2004), Martynova and Renneboog (2008a), Dutta and Jog (2009), and Bessembinder and Zhang (2013). Agrawal and Jaffe (2000) conclude that there is strong evidence of ”
The long-run performance of mergers and acquisitions: Evidence from the Canadian Stock market (2004, neutral): “Time frameworks (event-time or calendartime), abnormal return metrics, benchmarks, and weighting procedures vary across long-term post-acquisition studies, making comparisons difficult (Bruner, 2002; Agrawal and Jaffe, 2000) and the measurement of long-term abnormal performance complex (Mitchell and”
Merge Ahead: A Research Agenda to Increase Merger and Acquisition Success (2011, background): “target-firm shareholders generally enjoy positive short-term returns, investors in bidding firms frequently experience share price underperformance in the months following acquisition, with negligible long-term gains ( Agrawal and Jaffe 2000 ).”
The long-term performance of acquiring firms: A re-examination of an anomaly (2009, background): “2 A detail review of long-term performance studies involving acquiring firms is presented by Agrawal & Jaffe (2000).”
Deliberate learning in corporate acquisitions: post‐acquisition strategies and integration capability in U.S. bank mergers (2004, background): “More recently, it has shown that average abnormal returns to the acquiring firm are either statistically equivalent to zero (Jarrell, Brickley, and Netter, 1988; Franks, Harris, and Titman, 1991; Loderer and Martin, 1992; Shleifer and Vishny, 1994; Agrawal and Jaffe, 2000 ) or lower (Agrawal, Jaffe”
Mergers and Acquisitions in Europe (2006, neutral): “(1988), Agrawal and Jaffe (2000), Bruner (2003), and Martynova and Renneboog (2005).”
How Swiss small and medium-sized firms assess the performance impact of mergers and acquisitions (2013, neutral): “There is a broad theoretical and empirical literature on the economic performance of mergers and acquisitions (M&A) (see, e.g., Agrawal and Jaffe 2000; Kaplan 2000; Martynowa and Renneboog 2008; Gugler et al. 2012).”