By Miguel Antón, José Azar, Mireia Giné & Luca X. Lin –
Acquisitions are on average value-destroying for acquirer shareholders, while it has been shown that non-merging rivals generally gain after such “bad deals.” Value-destroying acquisitions have been largely attributed to managerial discretion, yet why do shareholders approve such decisions? This article illustrates that acquirer shareholders holding a diversified industry portfolio can benefit from value-destroying acquis
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