Are Serial Acquirers Born or Made
- đ¤ Speaker: Raghavendra Rau, Sir Evelyn de Rothschild Professor of Finance at Cambridge Judge Business School
- đ Date & Time: Thursday 04 February 2016, 13:00 - 14:00
- đ Venue: Lecture Theatre 2, Cambridge Judge Business School (http://www.jbs.cam.ac.uk/aboutus/location.html)
Abstract
Abstract
Serial acquirers conduct the vast majority of acquisitions in the U.S. We show that serial acquirers are not all alike. There is considerable heterogeneity in acquirer types, with four major types of acquirers common in the data â loners, occasional acquirers, sprinters, and marathoners. Importantly, these acquirers can be distinguished on an ex ante basis. Marathoners comprise the most efficient acquirers who learn from prior acquisitions. Peer effects and overvaluation matter for sprinters who acquire large numbers of targets in short intervals. Path dependency typically does not matter in making an acquirer a serial acquirer.
Series This talk is part of the Cambridge Finance Workshop Series series.
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Raghavendra Rau, Sir Evelyn de Rothschild Professor of Finance at Cambridge Judge Business School
Thursday 04 February 2016, 13:00-14:00