Derrien, François; Frésard, Laurent; Slabik, Victoria; … - 2017
Revaluations of industry peers around horizontal acquisitions are negative when targets are private, but positive when … predictable revaluations. Supporting this idea, the “revaluation spread” is larger when peers' valuations deviate more from … fundamentals, varies with overall market misvaluation, predicts future industry returns, and is unrelated to peers' and industries …