우리나라 합병시장의 효율성과 합병효과

This study examines the bidder returns during 5 days around the announcement day of a merge plan and reports two findings. First, Korean M&A experiences from 1991 to 2006 show that the bidders acquiring listed firms get positive abnormal returns whereas the positive abnormal returns are disappeared when restricted data set of period (2001-2006) is analyzed. The result shows that the efficiency of Korean M&A market has been improved over the past 6 years. Second, bidders acquiring non_listed firms usually get positive abnormal return regardless of data period. The continuation of positive abnormal returns of bidders acquiring non_listed firms is consistent with the findings of Fuller, Netter and Stegemoller(2002, FNS). According to FNS, liquidity effect and monitoring effect may bring about the positive abnormal returns to the bidders acquiring non_listed firms. There has been much Korean literature reporting that Korean M&A market operates differently from the prediction of international findings. But the results of this study shows that Korean M&A market has behaved consistently with international M&A experience since the year of 2001. So, the existing literature on Korean M&A market should be reviewed in a dynamic point of view.