Percorrer por autor "Bjerhag, Albin Carl Emanuel"
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- Mastering M&A : learnings from European serial acquirorsPublication . Bjerhag, Albin Carl Emanuel; Moussu, ChristopheThis study investigates why European firms engage in serial mergers & acquisitions (M&A) despite evidence that acquisitions destroy acquiror shareholder value. An extensive sample of 9,357 completed European M&A deals between 2006 and 2023 by 2,890 acquirors is used, classifying each acquiror as non-serial (1–4 deals) or serial (g5 deals). Serial acquirors are further categorized by acquisition frequency into Joggers, Sprinters, and Marathoners. Using a market-model event study with three day, five day, and eleven-day cumulative abnormal returns (CAR) around announcement dates, it is found that while serial acquirors generate positive CARs, non-serial acquirors outperform serial acquirors. Non-serial acquirors generate an average three-day CAR of 2.11 %, while serial acquirors average 1.01 %. Joggers gain CARs of 1.27 %, Sprinters 0.80 %, and Marathoners only 0.19 %. Multivariate regressions link CARs to firm size (all else equal), leverage, deal value, relative deal size, target type (public vs. private; domestic vs. cross-border), and payment method. It is concluded that larger deals and private targets enhance CARs, whereas public targets and larger firm size suppress them. By deal order, Joggers and Sprinters exhibit increasing CARs over their first four deals before seeing returns stabilise or decline, indicating a learning threshold; evidence for Marathoners cannot be found. Several robustness tests support these patterns. The findings demonstrate that serial acquirors generate positive but varying CARs, that deal and firm attributes drive value effects and that serial acquirors learn to a point before experiencing stabilising or deteriorating returns, highlighting skills of serial acquirors.