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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/118859
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/118859

    Title: Managerial ability and acquirer returns
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Lin, Chih-Yen
    Contributors: 財管系
    Keywords: Managerial ability;Mergers and acquisitions;Environmental uncertainty;Shareholder wealth
    Date: 2018-05
    Issue Date: 2018-07-24 16:16:59 (UTC+8)
    Abstract: This paper examines the impact of managerial ability on the profitability of mergers and acquisitions. We find that acquisitions by firms with high managerial ability generate better announcement abnormal returns as well as better post-announcement abnormal returns than deals by firms with low managerial ability. We also find deals with high managerial ability pay significantly lower premiums than deals without. Further, we find that managers with high managerial ability perform better in scenarios with high environmental uncertainty, which suggests that high environmental uncertainty is an important scenario that should be incorporated into studies of the influence of managerial ability.
    Relation: The Quarterly Review of Economics and Finance,Volume 68, Pages 171-182
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.qref.2017.09.004
    DOI: 10.1016/j.qref.2017.09.004
    Appears in Collections:[財務管理學系] 期刊論文

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