讽刺背后说人坏话的人:Value creation in information-based industries through convergence:

A B S T R A C T
According to the International Engineering Consortium (IEC), the realignment and consolidations
currently underway in information-based industries is likely to result in the five traditional information
industries (photography, publishing, computing, telecommunications and entertainment) converging
into three new sectors: information content providers, information highways, and information
appliances. We investigated the impact of mergers and acquisitions on value creation both within
and across these sectors by estimating the stock market’s response to acquiring firms around the
announcement date of their merger. Using data on 2421 mergers and acquisitions between 1993 and
2005 and employing the well-established event study methodology, we found that most acquirers
received a target within the same sector or industry and that the related acquisition strategies brought
synergistic gains resulting in positive wealth change for the acquiring firm’s shareholders. The few firms
that pursued an unrelated diversification strategy that lowered operating risk experienced no significant
change in shareholder wealth. Our results contrasted with the zero or negative wealth change found for
acquiring firms in general (as reported in the finance literature) but were consistent with the positive
wealth change for acquirers in the telecommunications industry found in recent studies.
 2008 Elsevier B.V. All rights reserved.



1. Introduction
Mergers and acquisitions (M&As) are an important mechanism
for external growth. As Jensen [16] notes, mergers and acquisition
are ‘‘a response to new technologies or market conditions which
require strategic change in a company’s direction or use of
resources.’’ They serve an important role in the efficient
redeployment of capital as poorly performing enterprises are
often removed in the process. An extensive body of research shows
that target firm shareholders are the winners while the acquiring
firm shareholders gain little or nothing [2,15]. Acquiring firms have
also tended to perform poorly in the years following the
acquisition compared to their non-acquiring counterparts [20].
Both the short- and long-term performance for the acquiring firm
was affected by the prevailing market conditions at the time of the
merger and whether the acquiring firm was an early-mover.
Market power, synergy, managerial hubris, strategic realignment,
among others, were a few of the commonly cited reasons whyfirms pursued an acquisition strategy. The 1990s represented the
fourth important takeover wave of the 20th century and
technology was a major factor.
This sector has grown at a phenomenal rate. Its importance
stems from its integration with almost every other sector of the
economy. Information-based industries today constitute a significant
part of all major economies of the world. However, rapid
technological innovation, many small new players, easy access to
and use of new technologies, intense competition, changing
regulations, and shifting standards have created uncertainty
among consumers, investors and other stakeholders.
Wilcox et al. [31] argued that, ‘‘[T]he pervasive and ubiquity of
the Internet and continued development of common standards
provides tremendous opportunities to smaller entrepreneurial
firms to contribute value.’’ In addition, firms that previously
belonged to distinct industries have become competitors or
partners.
Grover and Vaswani [13] identified increased market access,
economies of scale and control of key technologies as primary
motives behind the pace of consolidation currently underway in
the telecommunications industry. The International Engineering
Consortium (IEC) [14] stated that the traditional informationbased
industries, organized by form, were realigning along sectors
defined by function. This realignment, and the consolidation