Acquirer performance in mergers and acquisitions: an investigation of value creation between January 1999 and June 2006
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2008
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | X, 234 S. graph. Darst. |
Internformat
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Datensatz im Suchindex
| _version_ | 1804138517735931904 |
|---|---|
| adam_text | Acquirer performance in mergers and acquisitions
Contents
A Executive summary.................................................................. V
B Abbreviations........................................................................... VI
C Diagram index........................................................................ VIII
1 Introduction........................................................................... 1
1.1 The market for M A transactions......................................... 1
1.2 Research questions............................................................. 7
1.3 Research structure............................................................ 8
2 Background information on M A characteristics............................... 10
2.1 Acquisition premiums....................................................... 11
2.2 Methods of payment......................................................... 14
2.3 Cross-border acquisitions................................................... 19
2.4 Focused versus diversifying acquisitions................................. 23
2.5 A remark on background information...................................... 30
3 Theoretical and methodological foundations..................................... 31
3.1 Measuring performance of corporate acquisitions....................... 31
3.2 Capital market efficiency................................................... 37
3.3 Event study methodology................................................... 40
3.3.) Characteristics of event studies.................................... 41
3.3.2 Assets pricing models............................................... 44
3.3-2.1 Economic models........................................... 45
3.3.2.2 Statistical models............................................ 49
3.3.2.3 Buy-and-hold models........................................ 55
3.3.3 The size effect........................................................ 60
3.3.3.1 The size effect: empirical evidence....................... 61
3.3.3.2 Relevance of the size effect................................ 65
3.4 Summary of the methodological review.................................... 66
Acquirer performance in mergers and acquisitions
4 Literature review of M A research................................................ 67
4.1 Studies on target performance.............................................. 68
4.2 Studies on acquirer performance........................................... 71
4.3 Explanations and hypotheses................................................ 84
4.3.1 Transaction size...................................................... 86
4.3.2 Acquisition premiums............................................... 88
4.3.3 Glamour versus value acquirers.................................... 92
4.3.4 Method of payment.................................................. 94
4.3.5 Cross-border versus domestic transactions........................ 97
4.3.6 Focused versus diversifying transactions......................... 100
4.3.7 Summary of influential factors..................................... 103
4.4 Past literature and its influence on this study............................. 103
5 Structure of the empirical study..................................................... 105
5.1 Issues regarding the announcement of M A transactions.............. 106
5.2 Formulation of hypotheses................................................... 107
5.3 Specifications of the empirical study....................................... 113
5.3.1 Specification of investigated time periods and
geographic areas................................................................ 113
5.3.2 Generation of M A and reference data........................... 114
5.3.3 Selection of the investigated transactions......................... 115
5.3.4 Definition of M A characteristics................................. 117
5.3.5 Extraction of stock prices and stock movements................. 118
5.4 Analysis of abnormal returns................................................ 119
5.4.1 Determination of a benchmark model and appropriate indices 120
5.4.2 Calculation of abnormal returns.................................... 124
5.4.3 A note on transaction costs.......................................... 127
5.4.4 A note on survivorship bias......................................... 127
5.4.5 Verification of statistical significance between groups......... 128
5.4.6 Fragmentation into sub-groups..................................... 130
5.4.7 Verification of the statistical significance of abnormal returns 131
III
Acquirer performance in mergers and acquisitions
6 Results of the empirical study....................................................... 133
6.1 Description of data............................................................ 133
6.2 Performance of acquirers.................................................... 139
6.3 Learning effect................................................................ 145
6.4 Transaction specific characteristics........................................ 148
6.4.1 Transaction size...................................................... 149
6.4.2 Premiums.............................................................. 151
6.4.3 AcquirerMTBV...................................................... 157
6.4.4 Method of payment................................................... 160
6.4.5 Domestic versus cross-border acquisitions........................ 163
6.4.6 Focused versus diversifying acquisitions......................... 166
7 Summary and conclusion............................................................ 169
7.1 Meaning of results............................................................ 169
7.2 Benefits of this study for M A practitioners............................. 175
7.3 Limitations of results......................................................... 177
7.4 Outlook and notes for future research..................................... 179
8 Appendices............................................................................ 182
9 References............................................................................. 196
10 Internet sources........................................................................ 234
IV
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| author | Spiss, Lukas 1982- |
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| ctrlnum | (OCoLC)268835569 (DE-599)OBVAC07031844 |
| discipline | Wirtschaftswissenschaften |
| era | Geschichte 1999-2006 gnd |
| era_facet | Geschichte 1999-2006 |
| format | Thesis Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-09T21:29:27Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017049726 |
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| physical | X, 234 S. graph. Darst. |
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| spelling | Spiss, Lukas 1982- Verfasser (DE-588)136977561 aut Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 submitted by Lukas Spiss 2008 X, 234 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2008 Geschichte 1999-2006 gnd rswk-swf Performance Measurement stw Unternehmensentwicklung stw Unternehmenswert stw Welt stw Übernahme stw Aktienrendite (DE-588)4126593-2 gnd rswk-swf Wertzuwachs (DE-588)4189719-5 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Käufer (DE-588)4162993-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Aktienrendite (DE-588)4126593-2 s Käufer (DE-588)4162993-0 s Mergers and Acquisitions (DE-588)4205916-1 s Geschichte 1999-2006 z DE-604 Wertzuwachs (DE-588)4189719-5 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017049726&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Spiss, Lukas 1982- Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 Performance Measurement stw Unternehmensentwicklung stw Unternehmenswert stw Welt stw Übernahme stw Aktienrendite (DE-588)4126593-2 gnd Wertzuwachs (DE-588)4189719-5 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Käufer (DE-588)4162993-0 gnd |
| subject_GND | (DE-588)4126593-2 (DE-588)4189719-5 (DE-588)4205916-1 (DE-588)4162993-0 (DE-588)4113937-9 |
| title | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 |
| title_auth | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 |
| title_exact_search | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 |
| title_full | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 submitted by Lukas Spiss |
| title_fullStr | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 submitted by Lukas Spiss |
| title_full_unstemmed | Acquirer performance in mergers and acquisitions an investigation of value creation between January 1999 and June 2006 submitted by Lukas Spiss |
| title_short | Acquirer performance in mergers and acquisitions |
| title_sort | acquirer performance in mergers and acquisitions an investigation of value creation between january 1999 and june 2006 |
| title_sub | an investigation of value creation between January 1999 and June 2006 |
| topic | Performance Measurement stw Unternehmensentwicklung stw Unternehmenswert stw Welt stw Übernahme stw Aktienrendite (DE-588)4126593-2 gnd Wertzuwachs (DE-588)4189719-5 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Käufer (DE-588)4162993-0 gnd |
| topic_facet | Performance Measurement Unternehmensentwicklung Unternehmenswert Welt Übernahme Aktienrendite Wertzuwachs Mergers and Acquisitions Käufer Hochschulschrift |
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