An Investigation of the Performance of Mergers and Acquisitions as well as Earnings Management of Mergers and Acquisitions under Various Market States
碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === The purpose of this study examines that the acquiring firms manage earnings or not before merger announcement in the U.S., and whether the earnings management before merger announcement affect the stock of long-term performance of post-merger. Furthe...
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2011
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| Online Access: | http://ndltd.ncl.edu.tw/handle/93794823105696143166 |
| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === The purpose of this study examines that the acquiring firms manage earnings or not
before merger announcement in the U.S., and whether the earnings management before
merger announcement affect the stock of long-term performance of post-merger.
Furthermore, this paper links between earnings management and market conditions in
the mergers.
The data is using successful of stock and cash bidders in the U.S during 1979-2009.
The empirical result suggesting that the acquiring firms discretionary current accruals
are significantly positive prior to merger announcement. The study also suggests that
number of merger is increased in the bull market. Also find that earnings management is
aggressive prior to stock swap announcement in the bull market. Finally, the stock swap
of abnormal returns of long-term is negative in the bull and the bear market.
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