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The impact of industry corporate control competition on M&As announcement returns

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Resumo:The main goal of this dissertation is to analyse the impact of the industry corporate control competition on the merger and acquisitions, M&As, announcement returns. We analyse 11.200 M&As in the United States from 1999 to 2018, 10 years before and after the global crisis of 2008. The investigation uses the cumulative abnormal returns of the acquirer and target collected through the computation of the event study. The results show that competition is, indeed, an adverse factor on the growth of the acquirer’s earnings. Moreover, I confirm the broad effects that are destructive to the returns, such as the use of equity as payment and the acquirer’s and target’s size. Notwithstanding, when combining these broad influences individually with the competition factor, the results show that in the lower level of competition the negative bearing of the stock is subdued by the reduction of the competition degree.
Autores principais:Silva, Jorge Inácio Gonçalves
Assunto:Mergers and acquisitions Corporate control Competition Announcement returns Event study Aquisições e fusões Controlo empresarial Concorrência Retornos na anunciação Estudo de eventos
Ano:2020
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade do Minho
Idioma:inglês
Origem:RepositóriUM - Universidade do Minho

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