Συλλογές
Τίτλος Mergers and acquisitions in the telecommunications industry between 2001-2014: A study of abnormal returns and the factors that may affect them
Δημιουργός Αναστασόπουλος, Χρήστος
Συντελεστής Λελεδάκης, Γεώργιος
Επίσκοπος, Αθανάσιος
Ρομπόλης, Λεωνίδας
Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Λογιστικής και Χρηματοοικονομικής
Τύπος Text
Φυσική περιγραφή 60 σ.
Γλώσσα en
Περίληψη The present thesis examines the value creation of Mergers and Acquisitions in the telecommunications industry in Europe during the period 2001-2014. This is realized, firstly, with the use of the event study methodology and, more specifically, with the market adjusted returns model in order to calculate the abnormal returns for both the acquirers and the targets. The findings of this methodology reveal that targets’ shareholders enjoy significant positive abnormal returns, while bidders gain marginally negative or zero abnormal returns for the event windows (–1, +1) and (–2, +2), respectively. In the second part of the thesis, the selected determinants that are assumed to have a relationship with the targets’ abnormal returns, no one has proven to be statistically significant except for the size of the firm, which is found to play a role in CARs following an M&A announcement.
Λέξη κλειδί Mergers
Acquisitions
Telecommunications industry
Efficient market hypothesis (EMH)
Ημερομηνία έκδοσης 23-08-2016
Άδεια χρήσης https://creativecommons.org/licenses/by/4.0/