The Effects of Mergers and Acquisitions on Taiwanese Corporations

Tsung‐ming Yeh · Yasuo Hoshino

37 citations0/0 files storedReview of Pacific Basin Financial Markets and Policies

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Corporate Finance and Governance Financial Markets and Investment Strategies Merger and Competition Analysis

Abstract

This paper investigated the impact of M&As on both the acquiring firms' stock prices and corporate performance by using evidence from 20 Taiwanese corporations. Our data suggest that the accounting performance of Taiwanese acquiring firms failed to meet the stock market's expectation of future improvements in the operations of the acquiring firms. The stock market reacted in favor of the announcements of M&As, however, there is a downward change in the acquiring firms' profitability from premerger to postmerger periods. However we do not find any significant correlation between stock returns and the change in accounting performance, which is different from some previous studies.

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References

1983The market for corporate control 1990Does Corporate Performance Improve After Mergers?1988The Market for Corporate Control: The Empirical Evidence Since 1980 1983Merger bids, uncertainty, and stockholder returns 1990Corporate ownership structure and performance 1978Journal of business finance and accounting 1990The effects of leveraged buyouts on productivity and related aspects of firm behavior 1992Changes in corporate performance associated with bank acquisitions

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2011Rumors and pre-announcement trading: why sell target stocks before acquisition announcements?2013Operating Performance of Emerging Market Acquirers: Corporate Governance Issues 2011Does Corporate Diversification Reduce Firm Risk? Evidence from Diversifying Acquisitions 2016Operating performance following corporate acquisitions: Does the organisational form of the target matter?

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