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    題名: Do Appreciations in Equity Price and Currency Benefit the Acquirers' Shareholders? Evidence from G7 Countries and China
    作者: 徐政義
    Shiu, Cheng-Yi;Huang, Siao-Fang;Wei, Hui-Shan
    貢獻者: 國貿系
    關鍵詞: Currency;Prior stock return;Announcement effect;Long-run performance;Acquisitions
    日期: 2025-08
    上傳時間: 2025-09-24 09:54:07 (UTC+8)
    摘要: This paper examines the effect of appreciation in stock price and currency of the acquirer on the announcement effect and long-term stock performance of acquisitions using deals from G7 countries and China between 2009 and 2022. The study calculates the stock return and the change in the real effective exchange rate over the year prior to announcement. The empirical results show that when the acquiring firm’s stock price rises more prior to announcement, both the announcement abnormal return and long-term stock performance are weaker. In contrast, when the currency of the acquiring firm appreciates, the post-acquisition long-run performance is improved. The results demonstrate a divergent effect of equity price and currency appreciation on the acquisition performance. Finally, our empirical results show that stock-based acquisitions of publicly listed firms produce a negative market reaction and are detrimental to the long-term value of the acquirer's shareholders.
    關聯: Review of Accounting and Auditing Studies (會計審計論叢), Vol.15, No.2
    資料類型: article
    顯示於類別:[國際經營與貿易學系 ] 期刊論文

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