Using 2696 acquisition announcements reported in Australia between 2000 and 2016, we document lower stock returns but higher risk for deals made by serial acquirers compared to those made by single acquirers after controlling for firm and deal characteristics. We also find that serial acquirers' underperformance relative to single acquirers is more pronounced when managers gain more control over their firm's resources. Further analysis reveals that the outcome of the first transactions is key to deriving serial acquisitions' motivation and performance.

中文翻译：

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连续收购的表现和动机：来自澳大利亚的证据

使用 2000 年至 2016 年间在澳大利亚报告的 2696 份收购公告，我们记录了在控制公司和交易特征后，与单一收购方进行的交易相比，连续收购方进行的交易的股票回报较低，但风险较高。我们还发现，当管理者对公司资源获得更多控制时，连续收购者相对于单一收购者的表现不佳更为明显。进一步的分析表明，第一笔交易的结果是推导出连续收购动机和绩效的关键。