We investigate whether acquiring firms make more profitable acquisitions when target firms’ financial statements are more comparable with their industry peers. We replicate the original sample of Chen et al. (2018) and extend their sample to the most recent year. We find that acquiring firms experience higher announcement returns, higher acquisition synergies and better post‐acquisition operating performance when acquiring targets with higher financial statement comparability. Our results are robust to the newly constructed measure of financial statement comparability, suggesting that comparable accounting information indeed facilitates the efficiency of capital allocation.

中文翻译：

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目标财务报表可比性在收购决策效率中的作用

我们调查了当目标公司的财务报表与同行的财务报表更具可比性时，并购公司是否进行了更多获利的收购。我们复制了Chen等人的原始样本。（2018），并将其样本扩展到最近一年。我们发现，在收购财务报表可比性更高的目标时，收购公司将获得更高的公告收益，更高的收购协同效应和更好的收购后运营绩效。我们的结果对于新近建立的财务报表可比性度量是可靠的，表明可比的会计信息确实有助于提高资本分配的效率。