Vaasan yliopiston opinnäytteet

Laskentatoimen ja rahoituksen yksikkö, 2019

Rajoitettu
Opinnäytteen kokoteksti
luettavissa vain
Tritonian työasemilla

Rosenberg, Henri

Abnormal Long-Term Returns For The European Acquirers

Ohjaaja/Valvoja (DI):
Anupam Dutta
Tutkinto:
Kauppatieteiden maisteri
Pääaine:
Laskentatoimi ja rahoitus
Koulutusohjelma:
Master's Degree Programme in Finance
Tutkielman kieli:
Englanti
Sivumäärä:
71
ABSTRACT
This thesis aims to evaluate British and the German acquirer returns since the 80s. This thesis will solely focus on public acquirers and evaluate the success of a takeover by its long term buy and hold abnormal returns. The existing literature in mergers and acquisitions is vast in a United States context and their markets but somewhat outdated or narrow in an European context. This thesis thus aims for updating existing literature but most of all to execute a broad evaluation of multiple variables and factors used in previous literature. This thesis will use the buy and hold abnormal returns methodology as its main method but adds a calendar time approach of the Fama and French five and six factor models to check the robustness of the results. This thesis further aims to give the reader a broad understanding of the very different approaches used in previous literature as well as methodologies.
Avainsanat:
European Mergers and Acquisitions, Buy and Hold average returns, Calendar time approach,
© Tritonia 2014-2019