[Retracted] M&A Short-Term Performance Based on Elman Neural Network Model: Evidence from 2006 to 2019 in China
Table 1
Overview of short-term performance research on foreign M&A.
Conclusion category
Author
Time published
Number of samples
Sample year
Research conclusion
Positive short-term performance
Madden Gerald
1981
86
1997–1979
One day before and after the M&A announcement, the CAR was significantly positive, but when the window period was extended, the CAR was significantly reduced [13]
Healy and Palepu
1992
50
1979–1984
Enterprises with highly similar products obtained more positive M&A performance and are the acquirees’ capital productivity was raised significantly [14]
Agrawal et al.
1992
1,164
1955–1987
About half of the acquirer shareholders were able to obtain a positive CAR, and the CAR gradually decreased with the extension of the window period [15]
Humphery-Jenner and Powell
2014
17,647
1996–2008
M&A samples from 45 countries showed that the acquirer created positive short-term performance, which decreased with the increasing national governance intensity [16]
Negative short-term performance
Dodd
1980
172
1973–1976
The CAR of the acquirer in about half of the sample during the 2-day window period before and after the M&A announcement was significantly negative [17]
Higson and Elliott
1998
830
1975–1990
The CAR of the acquirer in window period was significantly negative [18]
Hans
2006
110
1993–2001
M&A not only brought negative cumulative returns to the acquirer but also continued to decline as the window period increased [19]
Uncontrollability
Jarrell.
1988
663
1962–1985
According to the time of M&A announcement, the samples were divided into three groups; the CAR of the acquirer was inconsistent among the three groups, and there was no significant difference [20]
Bruner
2002
N/A
1971–2001
After the summary of 130 classics from 1971 to 2001, it was concluded that there was uncertainty in the short-term M&A performance [21]
Yook
2004
75
1989–1993
The short-term performance for acquirer was not significant due to the influence of the premium of the acquisition target [22]
Uddin
2009
373
1994–2003
M&A did not bring significant short-term performance to the acquirer [23]
