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|Title:||The impact of market cycle on the performance of Singapore acquirers||Authors:||Pangarkar, N.
|Issue Date:||2004||Citation:||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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