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首页> 外文期刊>The quarterly review of economics and finance >The winner's curse in acquisitions of privately-held firms
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The winner's curse in acquisitions of privately-held firms

机译：赢家在收购私有公司中的诅咒

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摘要

The winner's curse is often associated with acquisitions of publicly-traded firms but not with private acquisitions. Using an event study methodology for over 22,000 private acquisitions of U.S. firms between 1985 and 2015, we examine a possible winner's curse for such acquisitions. While the average return to private acquisitions is slightly positive, fully 46% of acquirers experience statistically significant negative abnormal announcement returns, strongly suggesting a winner's curse. We also find that acquirer competition, informational asymmetries, and overconfidence all reduce announcement returns, which is consistent with the winner's curse. In addition, we carry out a comparative analysis of acquisitions of publicly-traded targets and find a statistically significant negative average return, as is consistent with much previous work. We find that 54% of acquirers of publicly-traded firms obtain statistically significant negative returns, suggesting a stronger winner's curse for public than for private acquisitions.
机译：赢家的诅咒通常与对公开交易公司的收购有关，而与私有收购无关。我们使用事件研究方法对1985年至2015年间超过22,000笔对美国公司的私人收购进行了研究，我们研究了此类收购的可能赢家的诅咒。尽管私人收购的平均回报略为正数，但完全46％的收购者在统计上都经历了显着的负异常公告收益，这强烈表明了获胜者的诅咒。我们还发现，收购方竞争，信息不对称和过度自信都会降低公告收益，这与赢家的诅咒是一致的。此外，我们对收购公开交易目标的股票进行了比较分析，发现具有统计学意义的负平均回报，这与之前的许多工作是一致的。我们发现，有54％的上市公司收购方获得了统计上显着的负收益，这表明，与私有收购相比，公众对赢家的诅咒更为强烈。

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