Solving Serial Acquirer Puzzles

Antonio Macias, P. Raghavendra Rau*, Aris Stouraitis

*Corresponding author for this work

Research output: Contribution to journalJournal articlepeer-review


Using a novel typology of serial acquirers, we examine several puzzles documented in prior literature. We show that acquisitions by different types of acquirers are driven by different factors, they acquire different sizes of targets, and subsequent acquisitions by acquirers are predictable ex ante. Controlling for market anticipation, the most frequent serial acquirers do not earn declining
returns as they continue acquiring, while less frequent acquirers do. Our methodology enhances our understanding of serial acquisition dynamics, anticipation, and economic value adjustments. The methodology is likely to be relevant to topics related to event anticipation beyond those covered in this study.
Original languageEnglish
Article numbercfad015
Number of pages62
JournalReview of Corporate Finance Studies
Publication statusE-pub ahead of print - 17 Jul 2023

Scopus Subject Areas

  • Economics, Econometrics and Finance(all)

User-Defined Keywords

  • Mergers
  • Acquisitions
  • M&A
  • Serial acquirers
  • Anticipation
  • Return Persistence
  • Misvaluation


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