![]() This thesis investigates the relationship between Institutional Ownership and the short-term post-announcement performance of Serial Acquirers. Albeit this declining trend would appear to contrast the rationale of the learning hypothesis (Harford, 2002), it confirms the finding of Aktas, de Bodt and Roll (2011) which argue that serial acquirers tend to pay higher premiums as the number of deals in the sequence increases because, as their integration experience grows, they become better at recognizing the benefit of the potential synergies, thus they award a greater value to the latter deals pursued along their series of acquisitions. Evidence shows that multiple acquirers tend to underperform single acquirers (Ismail, 2008 Kengelbach et al., 2012 Fuller et al., 2002) and to display a decreasing trend in their cumulative abnormal returns along the acquisitions sequence that is proportional to the increase in the number of deals announced by the bidding firm (Moeller et al., 2005 2005. ![]() Since the literature has produced mixed evidence about the success of M&As (Ruback & Jensen, 1983 Moeller, Schlingemann, & Stulz, 2005) with respect to whether these decisions create shareholders' wealth or rather have the effect of reducing the acquitting firm value (Moeller et al., 2003 2004), many scholars have purported to discover if behavioral motives may cause a firm to become a Serial Acquirer. ![]()
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