CAPRON, Laurence <br/><br/>
When do acquirers earn abnormal returns? 

 -  2002 
<br/><br/> In this study, we explore the conditions under which acquirers earn abnormal returns. We provide an empirical test of Barney and Chatterjee's arguments by examining the role of the respective resource contribution of the target and the acquirer. Combining an event study with a survey of postacquisition resource transfer on a sample of 101 horizontal acquisitions, we find that acquires to not earn abnormal returns when they only receive resources from the larget. In this case, it is likely that multiple bidders, which could have equally captured these resources, competed away all the abnormal returns from the successfull bidder. In contrast, we find that acquirers can expert to earn abnormal returns when they transfer their own resources to the target. Overall, we find that value creation doe not ensure value capture for the acquirer