PT - JOURNAL ARTICLE AU - Ronald Q. Doeswijk AU - Hemmo S.K. Hemmes TI - Mergers and Acquisitions in a Global Context AID - 10.3905/joi.2001.319459 DP - 2001 May 31 TA - The Journal of Investing PG - 29--35 VI - 10 IP - 2 4099 - https://pm-research.com/content/10/2/29.short 4100 - https://pm-research.com/content/10/2/29.full AB - Using a global sample of mergers and acquisitions in 1998, this article examines the short-term reaction of stock prices and analysts' earnings estimates to the announcement of a merger or acquisition. Targets and merging firms outperform the market in the period before and on the day of the announcement. However, merging firms show a significant underperformance immediately there after. Moreover, we find a lack of upward revisions in consensus earnings estimates for the post-announcement years. This suggests that synergies are hard to find.