文档介绍：本科毕业论文(设计)
外文翻译
原文:
Active Investing in Strategic Acquirers Using an EVA Style Analysis
During the 1990s and beyond,large . industrial firms have deployed substantial capital resources in pursuit of strategic acquisitions. The aggregate average result of these acquisitions is that they destroy shareholder value for the owners of the acquiring firms. There is, however, substantial cross-sectional variation in the announcement-period returns of these acquiring firms. That being said, we argue that active investors such as hedge funds' and other long-short investors may be able to develop or fine tune alpha generating strategies if they can distinguish "good" bidders from "bad" bidders in strategic acquisitions. Along this line, we argue that acquirers with a demonstrated record of creating shareholder value are more likely to generate value-creating-to-value-neutral acquisition returns than acquirers with negative economic earnings and a history of destroying shareholder value. If correct, this implies that the potential for generating alpha around strategic acquisitions is linked to the fundamentals of wealth creation.
In this context, we present a framework for classifying acquiring firms into wealth creators and wealth destroyers. We employ the EVA style analysis developed by Abate,Grant, and Stewart [2004] to classify large pleting acquisitions during the period 1990-2007 into one of four EVA style quadrants based on their pre-acquisition style. We then examine the wealth effects that bidding and target firms experience upon acquisition announcements and analyze these wealth effects by EVA style category. Overall, we find that the announcements wealth effects of strategic acquisitions vary by event window and EVA style, suggesting that hedge funds and other long-short investors will benefit to varying degrees from a policy of shorting acquirers according to EVA style characteristics, with a greater average potential for economic gains from shorting wealth