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Gains from Mergers and Acquisitions Around the World: New Evidence

Alexandridis, George; Petmezas, Dimitris; Travlos, Nickolaos


George Alexandridis

Nickolaos Travlos


Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock-financed subset to negative abnormal returns for acquiring firms around the deal announcement are not unanimous across countries. Acquirers beyond the most competitive takeover markets (the United States, United Kingdom, and Canada) pay lower premia and realize gains, while share-for-share offers are at least non-value-destroying for their shareholders. In contrast, target shareholders within these markets gain significantly less, implying that the benefits generated are more evenly split between the involved parties.


Alexandridis, G., Petmezas, D., & Travlos, N. (2010). Gains from Mergers and Acquisitions Around the World: New Evidence. Financial Management, 39(4), 1671-1695.

Journal Article Type Article
Online Publication Date Dec 6, 2010
Publication Date 2010
Deposit Date Aug 2, 2020
Journal Financial Management
Print ISSN 0046-3892
Publisher Wiley
Volume 39
Issue 4
Pages 1671-1695
Public URL