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نتيجة التلخيص (100%)

Acquisition premiums, defined as the ratio of the ultimate
price paid per target share divided by the price prior to
takeover news, have generally been ignored by strategy and
organization researchers (Haunschild, 1994, and Sirower,
1994, are exceptions).
Premiums are major statements by
acquiring managers of how much additional value they can
extract from the target firm.
Premiums underscore acquiring
managers' convictions that the target's preexisting stock
103/Administrative Science Ouarterly, 42 (1997): 103-127
price inadequately reflects the value of the firm's resources
and its prospects and that in the right hands—their hands—
more value can be created. For example, in paying a 110
percent premium for Paramount Corporation, Viacom
Corporation managers expected to extract at least 2.1 times
more value from Paramount than could Paramount's incumbent
managers, a belief the stock market summarily dismissed.

And such substantial premiums are common:
Between 1976 and 1990, premiums averaged 41 percent,
with many over 100 percent (Jensen, 1993).

Premiums are important not just as statements of pricing
and acquirors' expectations but because they affect ultimate
acquisition performance.
Sirower (1994) found that acquisition
premiums inversely affected acquirors' shareholder
returns for up to four years following the acquisition date.

Ceteris paribus, it is axiomatic that the higher the premium
paid, the lower the ultimate returns to the acquiror from a
given acquisition.
Sometimes excessive premiums can be
devastating: One year after Campeau paid a 124 percent
premium to acquire Federated Department Stores, Campeau
declared bankruptcy, unable to cover the debt it incurred for
the deal (Kaplan, 1989; Haunschild, 1994).
If substantial
premiums often damage acquirors' shareholder wealth over
the short and long term, why do so many acquirors pay
them?
The answer, we believe, is that acquiring managers
overestimate their ability to extract value from acquisitions
because of their hubris (Roll, 1986).

THEORY AND HYPOTHESES
Acquisition Motives
Three main motives for takeovers have been advanced: poor
target company management, synergy, and hubris (Walsh
and Seward, 1990; Berkovitch and Narayanan, 1993).
Advocates of the poor target management perspective,
which is rooted in agency theory, claim that inefficient,
self-serving incumbent managers who fail to maximize
stockholder value will be forced out of office by acquirors
attempting to extract such value (e.g., Fama, 1980).
Premiums
paid thus reflect the value that can be gleaned from
eliminating the target company's inefficiencies.
Implicit in
poor-management explanations is that the acquiror's stockholders
will benefit from takeovers through improved
management of the acquired firm.
But even if beliefs about
poor management initially motivate transactions, two factors
suggest that acquirors generally overestimate their ability to
extract improvements: the common adverse market reaction
to acquisition announcements and the poor subsequent
performance of many acquisitions.

Tests of poor target performance in affecting premiums have
been inconclusive.
Although Varaiya (1987: 182) found some
evidence that the target firm's poor performance within its
industry caused higher premiums, he concluded that there
was only "weak support for the predicted effects of ex ante
gains" and "the undermanagement variables are uniformly
insignificant." Slusky and Caves (1991) did not directly
examine the underperformance hypothesis, but they found
that premiums were not as large when the target's stock-


النص الأصلي

Acquisition premiums, defined as the ratio of the ultimate
price paid per target share divided by the price prior to
takeover news, have generally been ignored by strategy and
organization researchers (Haunschild, 1994, and Sirower,
1994, are exceptions). Premiums are major statements by
acquiring managers of how much additional value they can
extract from the target firm. Premiums underscore acquiring
managers' convictions that the target's preexisting stock
103/Administrative Science Ouarterly, 42 (1997): 103-127
price inadequately reflects the value of the firm's resources
and its prospects and that in the right hands—their hands—
more value can be created. For example, in paying a 110
percent premium for Paramount Corporation, Viacom
Corporation managers expected to extract at least 2.1 times
more value from Paramount than could Paramount's incumbent
managers, a belief the stock market summarily dismissed.
And such substantial premiums are common:
Between 1976 and 1990, premiums averaged 41 percent,
with many over 100 percent (Jensen, 1993).
Premiums are important not just as statements of pricing
and acquirors' expectations but because they affect ultimate
acquisition performance. Sirower (1994) found that acquisition
premiums inversely affected acquirors' shareholder
returns for up to four years following the acquisition date.
Ceteris paribus, it is axiomatic that the higher the premium
paid, the lower the ultimate returns to the acquiror from a
given acquisition. Sometimes excessive premiums can be
devastating: One year after Campeau paid a 124 percent
premium to acquire Federated Department Stores, Campeau
declared bankruptcy, unable to cover the debt it incurred for
the deal (Kaplan, 1989; Haunschild, 1994). If substantial
premiums often damage acquirors' shareholder wealth over
the short and long term, why do so many acquirors pay
them? The answer, we believe, is that acquiring managers
overestimate their ability to extract value from acquisitions
because of their hubris (Roll, 1986).
THEORY AND HYPOTHESES
Acquisition Motives
Three main motives for takeovers have been advanced: poor
target company management, synergy, and hubris (Walsh
and Seward, 1990; Berkovitch and Narayanan, 1993).
Advocates of the poor target management perspective,
which is rooted in agency theory, claim that inefficient,
self-serving incumbent managers who fail to maximize
stockholder value will be forced out of office by acquirors
attempting to extract such value (e.g., Fama, 1980). Premiums
paid thus reflect the value that can be gleaned from
eliminating the target company's inefficiencies. Implicit in
poor-management explanations is that the acquiror's stockholders
will benefit from takeovers through improved
management of the acquired firm. But even if beliefs about
poor management initially motivate transactions, two factors
suggest that acquirors generally overestimate their ability to
extract improvements: the common adverse market reaction
to acquisition announcements and the poor subsequent
performance of many acquisitions.
Tests of poor target performance in affecting premiums have
been inconclusive. Although Varaiya (1987: 182) found some
evidence that the target firm's poor performance within its
industry caused higher premiums, he concluded that there
was only "weak support for the predicted effects of ex ante
gains" and "the undermanagement variables are uniformly
insignificant." Slusky and Caves (1991) did not directly
examine the underperformance hypothesis, but they found
that premiums were not as large when the target's stock-

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