Publication
Merger waves: the effect on post-merger corporate Pperformance
| Summary: | The research offers a thorough analysis of the influence of historical merger waves on post merger corporate performance. Through the application of statistical tests and regressions, I show that mergers and acquisitions initiated during merger waves are associated with higher short-term abnormal stock returns and lower long-term abnormal stock returns. In contrast to existing research, I use the Fama–French three-factor model to measure the cumulative abnormal stock performance of acquirers for two-day, two-year, and three-year periods following the acquisition. |
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| Main Authors: | Ivackovic, Sara |
| Subject: | Merger & acquisitions M&A Merger waves Corporate performance Long-Tterm abnormal returns Short-term abnormal returns Value Ccreation Off-wave On-wave Wealth effect |
| Year: | 2023 |
| Country: | Portugal |
| Document type: | master thesis |
| Access type: | open access |
| Associated institution: | Universidade Nova de Lisboa |
| Language: | English |
| Origin: | Repositório Institucional da UNL |
| Summary: | The research offers a thorough analysis of the influence of historical merger waves on post merger corporate performance. Through the application of statistical tests and regressions, I show that mergers and acquisitions initiated during merger waves are associated with higher short-term abnormal stock returns and lower long-term abnormal stock returns. In contrast to existing research, I use the Fama–French three-factor model to measure the cumulative abnormal stock performance of acquirers for two-day, two-year, and three-year periods following the acquisition. |
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