Market valuation and acquiring firm performance in the short and long termOut-of-sample evidence from Spain

  1. José E. Farinós 1
  2. Begoña Herrero 1
  3. Miguel A. Latorre 1
  1. 1 University of Valencia, Valencia, Spain
Revista:
Business Research Quarterly

ISSN: 2340-9444,  2340-9436

Ano de publicación: 2020

Volume: 23

Número: 1

Tipo: Artigo

DOI: 10.1177/2340944420901048 DIALNET GOOGLE SCHOLAR lock_openAcceso aberto editor

Outras publicacións en: Business Research Quarterly

Resumo

Investigamos el desempeño de los licitadores a corto y largo plazo en períodos de mercado de alta y baja valoración en respuesta a anuncios de adquisiciones realizados por empresas cotizadas españolas durante el período 1991-2016. Encontramos que los adquirentes de objetivos no cotizados reaccionan completamente en la fecha del anuncio en períodos de alta valoración, mientras que la infrareacción de los postores objetivo cotizados en el momento del anuncio en mercados de baja valoración es el resultado de la continuación de la rentabilidad. Además, encontramos que la reacción del mercado no depende de la historia reciente de fusiones. Por lo tanto, proporcionamos evidencia de que la reacción de los postores a las adquisiciones no es consistente con las predicciones del sentimiento del mercado (optimismo) después de controlar por el estado de cotización de la empresa objetivo, sin respaldar, para un mercado más delgado como el español, la evidencia observada en EE. UU. y mercados del Reino Unido.

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