{"product_id":"cumulative-abnormal-returns-during-merger-and-acquisition-announcement-von-surasak-matt-ngammekchai","title":"Cumulative Abnormal Returns During Merger and Acquisition Announcement","description":"\u003cp\u003eThe results presented in this paper strongly support  the integrative theory of mergers and acquisitions  (Finkelstein and Larsson (1999), which suggests that  the organizational integration is one of the most  important determinants of M\u0026amp;A success. Overall, the  EF is negatively correlated with CARs when the  entire data set is analyzed. The results suggest  that integration processes become more complicated  because the employees from the target firm are more  resistant to the new culture due to a low level of  cultural domination of the acquiring firm.  In addition, the results demonstrate that this  effect is strongest in 1) within-industry mergers,  2) cross-region mergers, and 3) mergers involving  employees with high-valued skill sets. I find  significant effects for the EF only in some specific  industry groups that require employees with high  skill levels and expertise. Additionally, the  findings also show that a group of M\u0026amp;A transactions  in which target firms'' average deal value per  acquired employee is high, indicating that the  employees have high skill sets and expertise,  experiences a particularly strong effect from the EF.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838378855\"\u003e\u003ch3\u003eHow Do Human Capital Assets Affect Cumulative Abnormal Returns During Merger and Acquisition Announcements?\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838378855","offer_id":39469251625053,"sku":"9783838378855","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/bfd02394-19cf-4de8-b4fa-f25b7de6c68f.jpg?v=1776056465","url":"https:\/\/shop.autorenwelt.de\/products\/cumulative-abnormal-returns-during-merger-and-acquisition-announcement-von-surasak-matt-ngammekchai","provider":"Autorenwelt Shop","version":"1.0","type":"link"}