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La réputation de l’acquéreur et la réaction des marchés financiers à l’annonce de fusions-acquisitions internationales

Abstract : We examine the influence of the acquirer’s reputation on investors’ reaction following the announcement of cross-border mergers and acquisitions. Drawing on signaling theory, we argue that the reputation sends a positive signal to investors when such deals are announced. Our empirical study is based on 134 cross-border M&As conducted by French multinationals. Our results confirm that reputation is positively related to M&A short-term value creation. However, the positive reaction of investors to the announcement of mergers and acquisitions is weaker for the most reputable companies. In addition, we show that the relationship between reputation and value creation is negatively moderated by the acquirer’s diversification strategy.
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https://halshs.archives-ouvertes.fr/halshs-03083510
Contributor : Ulrike Mayrhofer <>
Submitted on : Saturday, December 19, 2020 - 10:47:11 AM
Last modification on : Sunday, December 20, 2020 - 3:29:58 AM

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  • HAL Id : halshs-03083510, version 1

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Ludivine Chalencon, Ana Colovic, Olivier Lamotte, Ulrike Mayrhofer. La réputation de l’acquéreur et la réaction des marchés financiers à l’annonce de fusions-acquisitions internationales. Management international = International management = Gestión internacional, HEC Montréal et Université Paris Dauphine, 2020. ⟨halshs-03083510⟩

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