Ng, Alex - In: American Journal of Finance and Accounting 1 (2008) 2, pp. 194-212
rewards nor punishes consolidation M&A with nonsignificant abnormal returns. Diversification through M&A is related to a loss … in shareholder wealth. The exception is for bank and investment acquisitions. The market punishes foreign M&A with … negative abnormal returns, consistent with the literature on high-information costs and regulations. Moreover, acquisitions …