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2008³â Á¦22±Ç Á¦4È£ Prediction Model of Post-merger Performance- Changi Nam․Yuntaek Pae․Junesuh |
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22-4-03 Changi Nam, Yuntaek Pae, Junesuh Yi.pdf (379.64 KB) |
Prediction Model of Post-merger Performance
Changi Nam․Yuntaek Pae․Junesuh Yi
This study develops a comprehensive model describing the post-merger performance of a combined firm based on a fundamental ROE equation. The model suggests that post-merger performance is an exponential function composed of relative size, price to book ratio, synergy, cost of equity and book value change, rather than a simple linear combination of factors. In addition, the model addresses relative size effect, market valuation effect, premium, and merger wave, which are consistent with previous studies. Empirical tests are also provided to show the effectiveness of the model for measurement of the post-merger performance.
Keywords : Post-merger Performance, Prediction Model, Merger, Acquisition JEL Classification Number : G11; G34 |
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