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1、NBERWORKINGPAPERSERIESDOESCORPORATEPERFORMANCEIMPROVEAFTERMERGERS?PaulM.HealyKrishnaG.PalepuRichardS.RubakWorkingPaperNo.3348NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138May1990WethankRobinCooper,GeorgeFoster,MichaelJensen,BobKaplan,RichardLeftwich,M
2、arkWolfson,KarenWruck,andseminarparticipantsatBaruchCollege,CarnegieMellon,Columbia,Dartmouth,Duke,FederalReserveBank(WashingtonD.C.),Harvard,Michigan,MIT,NYU,Rochester,Stanford,USC,andU.S.DepartmentofJusticeforhelpfulcommentsonearlierdrafts,ChrisFoxandKenHaoforresearchassista
3、nce,andtheInternationalFinancialServicesCenteratMITandtheDivisionofResearchatHBSforfinancialsupport.ThispaperispartofNBER'sresearchprogramsinFinancialMarketsandMonetaryEconomicsandTaxation.AnyopinionsexpressedarethoseoftheauthorsandnotthoseoftheNationalBureauofEconomicResearch
4、.NBERWorkingPaper#3348May1990DOESCORPORATEPERFORMANCEIMPROVEAFTERMERGERS?ABSTRACTPaulM.HealyMITSloanSchoolofManagementCambridge,MA02139KrishnaG.PalepuHarvardBusinessSchoolCambridge,HA02138RichardS.RubakHarvardBusinessSchoolCambridge,MA02138Weexaminethepost-acquisitionoperating
5、performanceofmergedfirmsusingasampleofthe50largestmergersbetweenU.S.publicindustrialfirmscompletedintheperiod1979to1983.Theresultsindicatethatmergedfirmshavesignificantimprovementinassetproductivityrelativetotheirindustriesafterthemerger,leadingtohigherpost-mergeroperatingcash
6、flowreturns.SamplefirmsmaintaintheircapitalexpenditureandR&Dratesrelativetotheirindustriesafterthemerger,indicatingthatmergedfirmsdonotreducetheirlong-terminvestments.Thereisastrongpositiverelationbetweenpostmergerincreasesinoperatingcashflowsandabnormalstockreturnsatmergerann
7、ouncements,indicatingthatexpectationsofeconomicimprovementsunderlietheequityrevaluationsofthemergingfirms.1.IntroductionThisstudyexaminesthepost-mergercashflowperformanceofacquiringandtargetfirms,andexploresthesourcesofmerger-inducedchangesincashflowperformance.Ourresearchismo
8、tivatedbytheinabilityofstockpriceperformancestudiestodetermin
