Η σχέση μεταξύ κεφαλαιακής διάρθρωσης, ρευστότητας και τρόπου πληρωμής εξαγορών
Πολίτης, Νίκος - Παναγιώτης
KeywordsΣυγχωνεύσεις – εξαγορές ; Μη κανονικές αποδόσεις μετοχών ; Μόχλευση ; Ίδια Κεφάλαια ; EBITDA ; Total assets ; Cash
This thesis examines how the capital structure and liquidity of the company influence the decisions of Administrations in mergers and acquisitions. Originally the thesis explains the concepts of mergers and acquisitions and the types of them. Moreover it analyzes the factors affecting them and what effect do these factors have to the wealth of the shareholders of companies that engage in acquisition (Bidders) and the shareholders of the acquired companies (target). Furthermore it examines how financial and economic indicators of bidder and target companies can act to the way these M & A occur and what influence have to the decisions of management. The data used by the thesis is a large sample of companies involved in mergers and acquisitions in the US market (1990-2013) along with information on the prices of their shares and the performance of the general index S & P500 and accounting / financial variables for those companies. For the calculation of our results we used econometric computer programs (Eviews) and data sheets.