How different is the long-run performance of mergers in the telecommunications industry?

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dc.contributor.authorFerris, S.P.ko
dc.contributor.authorPark, Kwangwooko
dc.date.accessioned2008-04-22T08:14:36Z-
dc.date.available2008-04-22T08:14:36Z-
dc.date.created2012-02-06-
dc.date.created2012-02-06-
dc.date.issued2002-
dc.identifier.citationADVANCES IN FINANCIAL ECONOMICS, v.7, no.0, pp.127 - 144-
dc.identifier.issn1569-3732-
dc.identifier.urihttp://hdl.handle.net/10203/4059-
dc.description.abstractUsing 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. © 2002.-
dc.languageEnglish-
dc.language.isoen_USen
dc.publisherJAI Press-
dc.titleHow different is the long-run performance of mergers in the telecommunications industry?-
dc.typeArticle-
dc.identifier.scopusid2-s2.0-35448943196-
dc.type.rimsART-
dc.citation.volume7-
dc.citation.issue0-
dc.citation.beginningpage127-
dc.citation.endingpage144-
dc.citation.publicationnameADVANCES IN FINANCIAL ECONOMICS-
dc.embargo.liftdate9999-12-31-
dc.embargo.terms9999-12-31-
dc.contributor.localauthorPark, Kwangwoo-
dc.contributor.nonIdAuthorFerris, S.P.-
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