Which acquirers gain more, single or multiple? Recent evidence from the USA market

Aktas, 2007 Andrade, 2001, New evidence and perspectives on mergers, Journal of Economic Perspectives, 15, 103, 10.1257/jep.15.2.103 Asquith, 1983, The gains to bidding firms from merger, Journal of Financial Economics, 11, 121, 10.1016/0304-405X(83)90007-7 Billet, 2005, Are overconfident managers born or made? Evidence of self-attribution bias from frequent acquirers Chang, 1998, Takeovers of privately held targets, method of payment, and bidder returns, Journal of Finance, LIII, 773, 10.1111/0022-1082.315138 Conn, 2004, Why must all good things come to an end? The performance of Multiple acquirers Croci, 2005 Davidson, 1985, Takeovers: partitioning of gains and Pareto improvement in a rational market with asymmetric information, Journal of Business Finance and Accounting, 12, 373, 10.1111/j.1468-5957.1985.tb00840.x Dong, M. Hirshleifer, D. Richardson, S. and Teoh, S.H. 2003. Does investor misvaluation drive the takeover market? Unpublished Working Paper, The Ohio State University, Columbus, OH. Fama, 1992, The cross section of expected stock returns, Journal of Finance, 47, 427, 10.2307/2329112 Fuller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance, 57, 1763, 10.1111/1540-6261.00477 Lakonishok, 1994, Contrarian investment extrapolation and risk, Journal of Finance, 49, 1541, 10.2307/2329262 Loderer, 1990, Corporate acquisitions by listed firms: The experience of a comprehensive sample, Financial Management, 17, 10.2307/3665607 Malatesta, 1985, Partially anticipated events: A model of stock price reactions with application to corporate acquisitions, Journal of Financial Economics, 14, 237, 10.1016/0304-405X(85)90016-9 Malmendier, U. and Tate, G.A. 2004. Who makes acquisitions? CEO overconfidence and the market's reaction. Unpublished Working Paper, Harvard Business School, Cambridge, MA. Moeller, 2004, Firm size and the gains from acquisitions, Journal of Financial Economics, 73, 201, 10.1016/j.jfineco.2003.07.002 Moeller, 2005, Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, Journal of Finance, LX, 757, 10.1111/j.1540-6261.2005.00745.x Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Officer, 2005, Acquisitions of unlisted targets: discounts, liquidity, and fire sales Officer, 2003, Termination fees in mergers and acquisitions, Journal of Financial Economics, 69, 431, 10.1016/S0304-405X(03)00119-3 Patell, 1976, Corporate forecasts of earnings per share and stock price behavior: Empirical tests, Journal of Accounting Research, 14, 246, 10.2307/2490543 Rau, 1998, Glamour, value and the post-acquisition performance of acquiring firms, Journal of Financial Economics, 49, 223, 10.1016/S0304-405X(98)00023-3 Roll, 1986, The hubris hypothesis of corporate takeovers, Journal of Business, 59, 197, 10.1086/296325 Rovit, 2003, Your best M&A strategy: Smart deal makers methodically acquire through good times and bad, Harvard Business Review, 81, 16 Rovit, 2003, Turning deal smarts into M&A payoffs: Frequent buyers usually score the best deals, provided that they add skills in each transaction, Mergers & Acquisitions: The Dealmakers Journal Schipper, 1983, Evidence on the capitalized value of merger activity for acquiring firms, Journal of Financial Economics, 85, 10.1016/0304-405X(83)90006-5 Schlingemann, 2002, Divestitures and the liquidity of the market for corporate assets, Journal of Financial Economics, 64, 117, 10.1016/S0304-405X(02)00073-9 Shleifer, 1986, Large shareholders and corporate control, Journal of Political Economy, 95, 461, 10.1086/261385 Travlos, 1987, Corporate takeover bids, methods of payment and bidding firm stock returns, Journal of Finance, 42, 943, 10.2307/2328300