Mergers and acquisitions and shareholders wealth in European Business School
Başlık çevirisi mevcut değil.
- Tez No: 403087
- Danışmanlar: DR. VIVEK SUNNASSEE
- Tez Türü: Yüksek Lisans
- Konular: Maliye, Finance
- Anahtar Kelimeler: Merger, Acçuisitions, European Banking, Event Study, Abnormal returns
- Yıl: 2008
- Dil: İngilizce
- Üniversite: University of Westminster
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 72
Özet
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Özet (Çeviri)
This project is based on the stock market reaction of mergers and acquisitions. The project explores the impact of acquisitions on shareholders' retum vvithin the European banking industry vvhich took place between 2004 and 2008. On the basis of these five selection criteria, six transactions (tvvelve banks) were selected from the industry and are classified according to their activity focus. To analyse the effect of the M&A on shareholder value, this study uses the event study methodology (Brovvn and VVarner, 1985) with daily data and the market model to the analysis of a sample of six recent mergers and acquisitions Although samples show no positive returns for target and bidder banks, the general results are mainly driven by the significant positive abnormal returns associated with the announcement of activity focus bank mergers deals. The results reveal that acquiring firms do not post any significant abnormal returns during the announcement period, while the target firms have negative and slightly significant abnormal returns. When mergers and acquisitions are analyzed based on their activity focus, cumulative average abnormal returns for focus mergers are significantly much higher than for diversify mergers.
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