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We study the listing target status impact on the announcement period of French acquirers, and we examine the sustainability of short term wealth creation in the long term. Unlisted-target acquisitions are wealth creating relative to listed-target acquisitions. Besides, in the long-term, acquirers of unlisted targets outperform acquirers of listed targets and realize superior abnormal stock returns. Acquirers of unlisted targets realize superior changes in post-acquisition operating performance, particularly for a low relative deal size ratio. Announcement period abnormal returnsare positively related to post-acquisition operating performance. Therefore, shortterm gains are sustainable on the long-term and the market can predict change in operating performance.Keywords: Acquisitions, listing target status, short-term abnormal returns, long-term stock returns, post-acquisition operating performance.JEL codes: G14, G34

Auteurs :Navatte Patrick
Extrait de la revue BMI 121