Please use this identifier to cite or link to this item: https://doi.org/10.1002/smj.434
Title: The impact of market cycle on the performance of Singapore acquirers
Authors: Pangarkar, N. 
Lie, J.R.
Keywords: Acquirer performance
Hubris
Market cycle
Related acouisitions
Issue Date: 2004
Source: Pangarkar, N., Lie, J.R. (2004). The impact of market cycle on the performance of Singapore acquirers. Strategic Management Journal 25 (12) : 1209-1216. ScholarBank@NUS Repository. https://doi.org/10.1002/smj.434
Abstract: In this paper, we hypothesize that acquisitions undertaken during low market cycles will exhibit better performance than other acquisitions for two key reasons: lower likelihood of overpayment due to hubris and ease in implementing restructuring initiatives such as retrenchment. We define performance as the cumulative abnormal returns surrounding the acquisition event and deploy a trend-based measure for market cycle. Based on an analysis of 115 acquisitions by Singapore firms between 1990 and 1999, we find strong support for the hypothesized relationship. Copyright © 2004 John Wiley & Sons, Ltd.
Source Title: Strategic Management Journal
URI: http://scholarbank.nus.edu.sg/handle/10635/44379
ISSN: 01432095
DOI: 10.1002/smj.434
Appears in Collections:Staff Publications

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