| Title |
Ex Ante Expectations & Ex Post Operating Performances of Mergers and Acquisitions of the Korean andU.S. Construction Industry |
| Keywords |
Mergers & Acquisitions(M&A) ; Operating Performance ; Firm Strategy ; Diversification |
| Abstract |
The success of mergers and acquisitions(M&A) have been evaluated by either measuring ex ante expectations for the specifiedtime period(Window) or assessing long term-based post operating performance (ex post operating performance). In this study,utilizing cumulative abnormal return(CAR) method, M&As which are observed in both domestic and U.S. constructionindustries were analyzed then research outcomes are compared. Analysis results indicate that stockholders of public constructioncompanies did not realize significant economic gains from M&As. In other words, there was no synergistic gains from theconstruction M&As. Also, no significant performance difference was observed between related and unrelated diversifications. |