Date of Completion


Embargo Period



Acquisition Premiums, Post-Acquisition Performance

Major Advisor

David Souder

Associate Advisor

Greg Reilly

Associate Advisor

Qing Cao

Associate Advisor

William Ross, Jr

Associate Advisor

Mario Schijven

Field of Study

Business Administration


Doctor of Philosophy

Open Access

Open Access


In M&As, to acquire the other companies, managers usually pay a premium. In theory, the premium is explained by the market's acknowledgment of a potential increase in value for both firms standing together and coordinating their resources. The problem is that literature usually explains acquisition premium and post-acquisition performance from a one-sided price perspective. To some extent, this one-sided perspective often captures the acquirer's willingness to pay, but it underestimates the two-sided nature of any transaction; the target's perspective is usually omitted. One side sells when they perceive that the value of their asset is lower than the price paid by the buyer. Similarly, the buyer buys when they perceive that the value of the asset exceeds the price. In this three-paper dissertation, I found consistent evidence that the two-sided approach to M&A research, which, in addition to more realistic, also better explain acquisition premium and post-acquisition performance.

Available for download on Saturday, April 09, 2022