What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions

By Kathleen P. Fuller, Jeffry M. Netter, Mike Stegemoller. 2002

1,856 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/ac98248a24cf4fa56fae1204661fdf5143780f85

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Citations in the corpus

Corporate Governance and Acquirer Returns (2007, background): “11 For a random sample of 500 acquisitions from 1990 to 2000, Fuller, Netter, and Stegemoller (2002) find that the announcement dates provided by SDC are correct for 92.6% of the sample and are off by no more than two trading days for the remainder.”
CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion (2016, positive): “To assess market reactions to the takeover announcement, we use the acquirer's cumulative abnormal returns (CARs), computed as in Fuller, Netter, and Stegemoller (2002) and Moeller, Schlingemann, and Stulz (2005), with the Beta-one model; this subtracts the daily market portfolio return 6 from the…”
Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control: Does the Absence of Anti-Takeover Provisions Make a Difference? (2011, positive): “The literature also indicates that serial acquirers earn lower abnormal returns (Fuller et al., 2002).”
Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants (2011, neutral): “…suggests that acquirers achieve zero or negative average announcement period CARs when acquiring publicly listed targets and positive average CARs when acquiring private targets (Chang, 1998; Fuller, Netter, and Stegemoller, 2002; Hansen and Lott, 1996; and Moeller, Schlingemann, and Stulz, 2004).”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, neutral): “Prior literature documents that acquisitions of private targets and cash acquisitions are associated with higher acquirer returns (e.g., Fuller, Netter, and Stegemoller, 2002).”
Price Pressure Around Mergers (2004, result): “However, this interpretation is inconsistent with evidence provided by Fuller, Netter, and Stegemoller (2002) who examine announcement period abnormal returns for frequent acquirers.”
The Sources of Value Destruction in Acquisitions by Entrenched Managers (2012, neutral): “targets are value-destroying, on average (e.g. Chang, 1998; Fuller et al., 2002).”