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Effects of Mergers and Acquisitions on Corporation Valuation
Başlık:
Effects of Mergers and Acquisitions on Corporation Valuation
Yazar:
Shi, Zhirou, author.
ISBN:
9780438020559
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (51 pages)
Genel Not:
Source: Masters Abstracts International, Volume: 57-06M(E).
Advisors: Marcelo Bianconi Committee members: Federico Esposito; Gilbert Metcalf.
Özet:
The purpose of this paper is to examine the instantaneous wealth effect of mergers and acquisitions announcements on acquiring firm stockholders and bondholders. Based on a panel of 1,744 global M&A deals of 918 firms from 2016 to 2017 in the communication, technology, energy, and utility sectors, this paper finds a significant and positive hike in abnormal stock returns at the announcement month and no significant impact on bond returns. This jump in stock return is larger in the technology and communication sectors. Furthermore, there is no evidence showing that cross-border deals in the U.S can generate higher wealth. Third, this paper concludes that financial ratios have different impacts on abnormal stock returns in different industries. Finally, I find that M&A announcement increases individual bond Sharpe ratio at the announcement month.
Notlar:
School code: 0234
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(692096.1) | 692096-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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