Ma, Qingzhong; Whidbee, David A.; Zhang, Athena Wei - In: Journal of Corporate Finance 17 (2011) 1, pp. 1-17
We propose an alternative measure of the long-term economic impact of mergers on firm value: post-acquisition changes in intrinsic value. Consistent with the literature on post-acquisition returns, the intrinsic value of merged firms decreases on average in the three years following deal...