Dessaint, Olivier; Eckbo, B. Espen; Golubov, Andrey - 2019
Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market … the 1980s. Offsetting this increase, the average bidder-specific component has declined. We propose a theory of bidder …-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to …
