@article {Doeswijk29, author = {Ronald Q. Doeswijk and Hemmo S.K. Hemmes}, title = {Mergers and Acquisitions in a Global Context}, volume = {10}, number = {2}, pages = {29--35}, year = {2001}, doi = {10.3905/joi.2001.319459}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Using a global sample of mergers and acquisitions in 1998, this article examines the short-term reaction of stock prices and analysts{\textquoteright} earnings estimates to the announcement of a merger or acquisition. Targets and merging firms outperform the market in the period before and on the day of the announcement. However, merging firms show a significant underperformance immediately there after. Moreover, we find a lack of upward revisions in consensus earnings estimates for the post-announcement years. This suggests that synergies are hard to find.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/10/2/29}, eprint = {https://joi.pm-research.com/content/10/2/29.full.pdf}, journal = {The Journal of Investing} }