000			01379naa a2200193uu 4500
001			8342
003			OSt
005			20190211154433.0
008			021114s2005 xx ||||gr |0|| 0 eng d
100	1		_aCAPRON, Laurence _91802
245	1	0	_aWhen do acquirers earn abnormal returns?
260			_c2002
520	3		_aIn 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
700	1		_aPISTRE, Nathalie _917550
773	0	8	_tStrategic Management Journal _g23, 9, p. 781-794 _d, 2002 _w
942			_cS
998			_a20021114 _bLucima _cLucimara
998			_a20090519 _b1435^b _cTiago
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c8488 _d8488
041			_aeng