The Synergy Solution

 

APPENDIX A

Shareholder Returns from M&A

There have been hundreds of M&A studies published over the past 40 years. The articles published in volume 11 of the Journal of Financial Economics (1983) launched a flood of academic papers across many disciplines, resulting in now vast M&A literatures across finance, economics, management, accounting, and beyond. Academics have studied everything from shareholder performance for acquirers and targets to incentives and motivations of managers to the impact of acquisition experience and different accounting treatments.

Although studies of M&A performance tend to focus on acquirer shareholder returns around announcement (measured with different periods of days), some studies measure performance over ...