Value creation and earnings management in acquisitions: Evidence from Scandinavian Biopharmaceutical industry
This paper aims to examine the value creation and earnings management from acquisitions in Scandinavian biopharmaceutical industry from 1999 to 2008. In our study we do not find any evidence that acquirers in general make any abnormal return in the 3 and 11 days around the announcement date. However, when splitting the result according to their size we do find statistical proof that large firms wi