원문정보
초록
영어
This research investigates the performance and sources of value gains of acquisitions by private equity (PE) fund investors using a sample of Korean listed firms acquired in the period from 2007 to 2017. Our sample includes both full acquisitions in which acquirers obtain the largest target ownership and block acquisitions in which acquirers purchase at least 5% of target shares without becoming its largest shareholder. We find significant and positive stock market reactions to both types of acquisitions by PE funds. We also find operating performance improvement following full acquisitions by PE funds. Moreover, the improved post-acquisition performance is more pronounced in PE fund targets that appoint new outside directors or those with finance experiences after full acquisitions. These results suggest that acquisitions by PE funds create value for shareholders mainly by governance and operational engineering and this value enhancement is more evident when PE funds obtain full controls over acquisition targets.
목차
2. Literature Review
2.1. Performance of target firms
2.2. Sources of value gains in acquisitions by PE funds
2.3. Block share acquisitions by PE Funds
3. Hypothesis Development
3.1 Performance
3.2 Sources of value gains
4. Data and Methodology
4.1. Sample and data
4.2. Acquisition announcement returns, post-acquisition performance, and post-acquisition policy changes
4.3. Models
5. Characteristics of Target Firms and deals
5.1. Summary statistics and univariate tests
5.2. Probit Analysis of becoming a Target
6. Empirical Results of Block Share Acquisitions
6.1. Announcement effects of block share acquisitions
6.2. Post-block share acquisition performance of targets
6.3. Sources of value gains from block share acquisitions
7. Empirical Results of Full Acquisitions
7.1. Announcement effects of full acquisitions
7.2. Post-acquisition performance of targets
7.3. Sources of value gains from full acquisitions
8. Additional Tests
9. Conclusion
Appendix
Reference