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Dr. Sandra Mortal’s Paper Accepted in JFQA

For release:  May 30, 2013

FCBE Associate Professor in the Department of Finance, Dr. Sandra Mortal, recently had a paper accepted for publication in the Journal of Financial and Quantitative Analysis, which is among the top journals in the discipline.

The paper titled, “The Post-Acquisition Returns of Stock Deals: Evidence of the Pervasiveness of the Asset Growth Effect,” finds that firm asset growth rates are negatively correlated with subsequent stock returns. It shows that the poor post-deal returns that have been documented for stock acquisitions are more precisely explained by the return effects associated with systematically larger asset growth rates for stock deals. It finds a similar result for other cross-sectional and time-series acquisition effects, including poor returns for glamour deals, weakly monitored deals, and deals done during high valuation periods. The paper suggests that the distinguishing characteristic associated with poor performing acquisitions is simply their tendency to grow assets.

Dr. Mortal co-authored this paper with Dr. Michael Schill from the Darden Graduate School of Business Administration, University of Virginia.

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Last Updated: 5/30/13