Acquiring Acquirers

Ludovic Phalippou*, Fangming Xu, Huainan Zhao

*Corresponding author for this work

Research output: Contribution to journalArticle (Academic Journal)peer-review

16 Citations (Scopus)


Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market for corporate takeovers: acquisition announcement returns, probability of deal success, propensity to acquire and be acquired. Acquisitive targets, though a small proportion of the sample, are responsible for half of the overall negative acquisition announcement returns. Our large body of empirical evidence consistently supports the view that the motivation behind acquisitions of acquisitive targets is defensive: acquirers "eat in order not to be eaten".

Original languageEnglish
Pages (from-to)1489-1541
Number of pages53
JournalReview of Finance
Issue number4
Early online date9 Sept 2014
Publication statusPublished - 1 Jul 2015

Bibliographical note

Date of Acceptance: 13/08/2014

Structured keywords

  • AF Corporate Finance


  • Mergers and Acquisitions
  • Takeovers
  • Acquirer Announcement Returns


Dive into the research topics of 'Acquiring Acquirers'. Together they form a unique fingerprint.

Cite this