外文翻譯--從并購動因角度分析企業(yè)并購的風(fēng)險-其他專業(yè)(參考版)
2025-01-23 09:54本頁面
【正文】 A in the related financial institutions sector. Section three presents the data sample and the statistical methodology that we employed. In section four we discuss the results. Section five summarizes the findings and draws conclusions. Prior research Evidence on the wealth effects of real estate finance mergers is very limited. In a sample of real estate investment trust (REIT) transactions that took place between 1977 and 1983 Allen and Sirmans (1987) found an increase in shareholder wealth upon the announcement of a merger both for the acquired and acquiring firms. However, this positive assessment does not hold over time. Based on a sample of REIT mergers in the period between 1988 and 1994, Campbell et al. (1998) found large negative returns for the acquirers. Campbell et al. (2021) analyzed the stock market reaction to 85 REIT mergers and observed significantly negative but small stock market returns. Journal of Property Investment amp。A transactions in the real estate finance industry, we study a data set of 69 international transactions that occurred between 1995 and 2021. Our findings suggest that mergers and acquisitions between real estate finance institutions create value on average. Significant positive cumulated abnormal returns can be observed for the target firms, while shareholder value is neither created nor significantly destroyed on the part of the acquiring panies. This result contrasts with empirical evidence from US bank Mamp。A) treadmill. Consolidation activity among mortgage banks and other real estate The current issue and full text archive of this journal is available at finance institutions has increased significantly during the last decade, and particularly within the last three years. Despite the consolidation, hardly any empirical research analyses the value implications of Mamp。 Belaisch et al., 2021。特別是在面臨國內(nèi)或國際兼并浪潮時，企業(yè)必須認(rèn)真對待，不能只為與時并進(jìn)而盲目地采取合并措施。好的合并動機(jī)不是總能帶來好合并的效果。 由以上分析，我們至少可以得到以下兩個啟示。但合并后，如果雙方不能在管理，文化等方面實(shí)施有效整合，提高核心競爭力的并購動因有可能僅僅是一個美好愿望。 一般來說，企業(yè)核心競爭力是一種不能被模仿，不 能被替代，不能被
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