Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/81315
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dc.contributor.authorLi, Kaien
dc.contributor.authorQiu, Buhuien
dc.contributor.authorShen, Ruien
dc.date.accessioned2019-02-07T08:25:55Zen
dc.date.accessioned2019-12-06T14:28:10Z-
dc.date.available2019-02-07T08:25:55Zen
dc.date.available2019-12-06T14:28:10Z-
dc.date.issued2018en
dc.identifier.citationLi, K., Qiu, B., & Shen, R. (2018). Organization Capital and Mergers and Acquisitions. Journal of Financial and Quantitative Analysis, 53(4), 1871-1909. doi:10.1017/S0022109018000145en
dc.identifier.issn0022-1090en
dc.identifier.urihttps://hdl.handle.net/10356/81315-
dc.description.abstractUsing a sample of completed U.S. acquisition deals over the period 1984–2014, we find that acquirer organization capital as measured by capitalized selling, general, and administrative (SG&A) expenses is associated with superior deal performance. We show that high organization-capital acquirers achieve significantly higher abnormal announcement period returns, and better post-merger operating and stock performance, than low organization-capital acquirers. Additional tests suggest a causal relation between acquirer organization capital and deal performance. We further show that post-merger, high organization-capital acquirers cut more on the cost of goods sold, invest more in SG&A expenses, and achieve greater asset turnover and innovative efficiency.en
dc.format.extent39 p.en
dc.language.isoenen
dc.relation.ispartofseriesJournal of Financial and Quantitative Analysisen
dc.rights© 2018 Michael G. Foster School of Business, University of Washington. All rights reserved. This paper was published in Journal of Financial and Quantitative Analysis and is made available with permission of Michael G. Foster School of Business, University of Washington.en
dc.subjectLaboren
dc.subjectDRNTU::Business::Operations managementen
dc.subjectCapitalen
dc.titleOrganization capital and mergers and acquisitionsen
dc.typeJournal Articleen
dc.contributor.schoolCollege of Business (Nanyang Business School)en
dc.identifier.doi10.1017/S0022109018000145en
dc.description.versionPublished versionen
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