Η εξέταση των αγοραστριών εταιριών με εξαιρετική απόδοση ανεξαρτήτως του τρόπου πληρωμής

Χριστοπαππάς, Ευθύμιος

Master Thesis

Author

Χριστοπαππάς, Ευθύμιος

Date

2015

Abstract

Mergers and acquisitions are a major practice for business development in the modern business environment resulting in their continued growth. The impact of merger announcements / redemption on the trading price of the company making the offer is a reflection field in the international literature. In this thesis we use an event-study methodology , to examine the abnormal returns (positive or negative), which are statistically significant on a firm-level basis, of the stock prices of the acquirer companies at the event window (-1, + 1) from the date of public announcement of the offer. The study is done regardless of the payment method (stock / cash) in order to find common factors that create these abnormal returns. The sample of companies from the DataStream database and refer to 630 companies based in the US. The econometric analysis is performed in econometric package E-Views 8.0. The results of the study, in addition to others, manage to find a common for all shares factor which affects their performances. This factor is the value of the offer divided by the market value of the acquirer. It is an interesting observation which will contribute further development of research on mergers/acquisitions and their consequences.

Postgraduate Studies Programme

Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική Ανάλυση για Στελέχη

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Number of pages

139

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/9248

Collections

Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

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