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- Banking and Corporate Governance (미시금융과 기업지배구조)
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Paper Number KGSM-PP-2002-131 Title How different is the long-run performance of mergers in the telecommunications industry? Author Ferris;Stephen P.; Park;Kwangwoo publisher Elsevier citation Advances in Financial Economics 2002, Vol.7, pp.127~144(18) Abstract Using a sample of telecommunications mergers during the 1990-1993 period, we find that acquiring firms underperform relative to their size and industry-matched control firms. The annual cumulative abnormal returns (CARs) to these firms are significantly negative for five years following the merger. Shareholders of the acquiring firm suffer a wealth loss of nearly 20% over the five-year post-merger period. We obtain similar results from three- and five-year holding period returns (HPRs). Our findings are consistent with those of earlier studies and indicate that regulated industries also experience post-merger underperformance. We do find upon disaggregation of the sample that larger mergers exhibit positive long-run performance while the mid-size and smaller mergers underperform relative to their control firms. We further observe that conglomerate mergers demonstrate superior long-run performance while that for non-conglomerate mergers is consistent with the aggregate sample findings and suggests significant underperformance. ISSN 1569-3732 URI http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B75F3-4B1YDD1-K&_user=43611&_coverDate=12%2F31%2F2002&_rdoc=8&_fmt=high&_orig=browse&_srch=doc-info(%23toc%2313055%232002%23999929999%23471032%23FLA%23display%23Volume)&_cdi=13055&_sort=d&_docanchor=&_ct=11&_acct=C000004718&_version=1&_urlVers Full-Text PDF
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Contact : 김행란 (hrkim@business.kaist.ac.kr)
