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1、ARTICLEINPRESSJournalofFinancialEconomics73(2004)201–228$Firmsizeandthegainsfromacquisitionsabc,SaraB.Moeller,FrederikP.Schlingemann,ReneM.Stulz!*aCoxSchoolofBusiness,SouthernMethodistUniversity,Dallas,TX75275,USAbKatzGraduateSchoolofBusiness,UniversityofPittsburgh,Pittsburgh,PA
2、15260,USAcDepartmentofFinance,FisherCollegeofBusiness,TheOhioStateUniversity,806FisherHall,2100NeilAvenue,Columbus,OH43210,USAReceived12February2003;accepted22July2003AbstractWeexamineasampleof12,023acquisitionsbypublicfirmsfrom1980to2001.Theequallyweightedabnormalannouncementret
3、urnis1.1%,butacquiring-firmshareholderslose$25.2milliononaverageuponannouncement.Thisdisparitysuggeststheexistenceofasizeeffectinacquisitionannouncementreturns.Theannouncementreturnforacquiring-firmshareholdersisroughlytwopercentagepointshigherforsmallacquirersirrespectiveofthefor
4、moffinancingandwhethertheacquiredfirmispublicorprivate.Thesizeeffectisrobusttofirmanddealcharacteristics,anditisnotreversedovertime.r2004ElsevierB.V.Allrightsreserved.JELclassification:G31;G32;G34Keywords:Acquisitions;Bidder;Sizeeffect;Organizationalform1.IntroductionInthispaper,wee
5、xaminethegainstoshareholdersoffirmsthatannounceacquisitionsofpublicfirms,privatefirms,orsubsidiariesofotherfirms.Weconsiderthesedifferenttypesofacquisitionstogethersincecorporationsmakingsuch$WethankEvrimAkdogu,HarryDeAngelo,HemangDesai,EugeneFama,DavidHirshleifer,CliffHolderness,Be
6、ngtHolmstrom,Jin-Lung(Jim)Hsieh,PaulMalatesta,JeffryNetter,BillSchwert,MikeStegemoller,VishViswanathan,RalphWalkling,seminarparticipantsatBostonCollegeandtheFederalReserveBankofNewYork,andananonymousrefereeforusefulcomments.*Correspondingauthor.Tel.:+1-614-292-1970;fax:+1-614-29
7、2-2359.E-mailaddress:stulz@cob.osu.edu(R.M.Stulz).0304-405X/$-seefrontmatterr2004ElsevierB.V.Allrightsreserved.doi:10.1016/j.jfineco.2003.07.002ARTICLEINPRESS202S.B.Moelleretal./JournalofFinancialEconomics73(2004)201–2281acquisitionscouldbeacquiringsimilarassets.Typically,acquisi
8、tionsaresizableinvestmentsforthefirmsthatunderta
