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SUMMARY:Are Serial Acquirers Born or Made - Raghavendra Rau\, Sir Evelyn d
 e Rothschild Professor of Finance at Cambridge Judge Business School
DTSTART:20160204T130000Z
DTEND:20160204T140000Z
UID:TALK62399@talks.cam.ac.uk
CONTACT:44441
DESCRIPTION:Abstract\n\nSerial acquirers conduct the vast majority of acqu
 isitions in the U.S. We show that serial acquirers are not all alike. Ther
 e is considerable heterogeneity in acquirer types\, with four major types 
 of acquirers common in the data – loners\, occasional acquirers\, sprint
 ers\, 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 de
 pendency typically does not matter in making an acquirer a serial acquirer
 .
LOCATION: Lecture Theatre 2\, Cambridge Judge Business School (http://www.
 jbs.cam.ac.uk/aboutus/location.html)
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