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<p>This paper analyzes a comprehensive sample of M&amp;A transactions in U.S. markets from 1994 to 2019 to explore the impact of corporate insiders’ investment horizons on M&amp;A outcomes. Our findings indicate that stock market reactions to both target firms and combined entities are more favorable when insiders possess longer investment horizons. We also document that the takeover premium is positively related to insiders’ investment horizons. Our evidence suggests that longer insider investment horizons are associated with a reduced likelihood of M&amp;A transactions. Finally, we demonstrate that extended insider investment horizons are positively associated with long-term post-acquisition performance. These results highlight the significant role that corporate insiders’ investment horizons play in shaping M&amp;A dynamics.</p>

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Insider investment horizon and M&A performance

  • 期刊论文

  • 发表日期：

    2026年1月28日

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  • Lee-Young Cheng,
  • Xuewu Wang,
  • Mu-Shu Yun,
  • Yan Zhao

摘要

This paper analyzes a comprehensive sample of M&A transactions in U.S. markets from 1994 to 2019 to explore the impact of corporate insiders’ investment horizons on M&A outcomes. Our findings indicate that stock market reactions to both target firms and combined entities are more favorable when insiders possess longer investment horizons. We also document that the takeover premium is positively related to insiders’ investment horizons. Our evidence suggests that longer insider investment horizons are associated with a reduced likelihood of M&A transactions. Finally, we demonstrate that extended insider investment horizons are positively associated with long-term post-acquisition performance. These results highlight the significant role that corporate insiders’ investment horizons play in shaping M&A dynamics.