W. Frąckowiak, M. Lewandowski, Wzrost zewnętrzny przedsiębiorstwa. Teoria i praktyka [in:] W. Frąckowiak (ed.), Fuzje i przejęcia, PWE, Warszawa , pp. Frąckowiak W., „Fuzje i przejęcia przedsiębiorstw”, PWE , pp. 4. Jajuga K., Jajuga T. „Inwestycje”, Wydawnictwo Naukowe PWN, Warszawa , pp. Chakrabarti, Hauschildt, Sueverkruep, Does it pay to acquire technological firm [in]R&D Management, nr Frąckowiak W. (edited) Fuzje i przejęcia.

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The book consists of six chapters. In the first one, the background of mergers and acquisitions is presented: Chapter two reviews legal and accounting regulations, motives, financing sources, valuation and post-merger integration. Chapter three reviews foreign literature concerning assessment methods of mergers and acquisitions. The findings are similar.

The short-run market abnormal return is positive for acquired firms and negative for the acquiring ones. The long-run market performance following mergers is negative and the following tender offer is non-negative or even positive. As far as operating performance is concerned, the results presented are ambiguous. Generally, the cash flow return is positive for combined firms and higher in comparison to the pre-merger period but the net profit return is negative.

The last chapter provides a review of published results of several studies of market and operating performance of mergers and acquisitions on the Warsaw Stock Exchange. At the end, the author presents the results of her own research study into acquisition announcements on the Polish capital market.

The evidence leads to the conclusion that a positive reaction of investors to acquisition announcement on the Polish market is similar to the reaction of investors on developed markets, and results in a positive abnormal return for shareholders of acquired firms. The operating performance study has focused on the period between 3 years before and 3 years after mergers.

A general conclusion of the results achieved can be formulated as follows: Naukowe PWN, Warszawa Principles of corporate finance.


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Leveraged Buyouts in Poland *

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Table 3 from Leveraged Buyouts in Poland * – Semantic Scholar

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