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2007 | 6 | nr 1 | 107--122
Tytuł artykułu

Event Study in the Evaluation of Effects of Mergers and Acquisitions

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper presents the essence of the methodology of event study used in developed markets to evaluate post-acquisition performance based on the market data. In particular, the paper discusses the issues of abnormal returns and expected return models, presenting also selected examples of post-acquisition performance in developed markets. At the end, the author has addressed the issue of contemporary tendencies in the event study methodology. (original abstract)
Rocznik
Tom
6
Numer
Strony
107--122
Opis fizyczny
Twórcy
  • University of Szczecin, Poland
Bibliografia
  • Agrawal, A., Jaffe, J.F. & Mandelker, G.N. (1992, September). The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. The Journal of Finance, XL VII(4), 1605-1621.
  • Baker, R.D. & Limmack, R.J. (2001, April). UK Takeovers and Acquiring Company Wealth Changes: The Impact of Survivorship and Other Potential Selection Biases on Post-Outcome Performance. EFMA 2001 Lugano Meetings; U of Stirling Accounting, Finance & Law, Working Paper No. 01-04. Retrieved January 18, 2008, from SSRN eLibrary Database http://ssrn.com/abstract=268633
  • Barber, B.M. & Lyon, J.D. (1997). Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics, 43, 341-372.
  • Bergström, C., Högfeldt, P. & Högholm, K. (1993). Strategic Blocking, Arbitrageurs and the Division of the Takeover Gains. Multinational Financial Management, 3, 217-248.
  • Dasgupta, S., Laplantte, B. & Mamingi, N. (1998). Capital Market Response to Environmental Performance in Developing Countries. April, The World Bank.
  • Diacogiannis, G.P. (1994). Financial Management. A Modeling Approach Using Spreadsheets. London: McGraw-Hill.
  • Doukas, J.A., Holmén, M. & Travlos, N.G. (2001, February). Corporate Diversification and Firm Performance: Evidence from Swedish Acquisitions. Retrieved January 18, 2008, from SSRN eLibrary Database http://ssrn.com/abstract=250520.DOI:10.2139/ssrn.250520
  • Fama, E.F., Fisher, L., Jensen, M.C. & Roll R. (1969). The Adjustment of Stock Prices to New Information. International Review, 10, 1-21.
  • Fama, E.F. (1998). Market Efficiency, Long-Term Returns, and Behavioral Finance. Journal of Financial Economics, 49, 283-306.
  • Goergen, M. & Renneboog, L. (2003, January). Shareholder Wealth Effects of European Domestic and Cross-border Takeovers Bids. ECGI-Finance Working Paper, 08/2003. Retrieved January 18, 2008, from SSRN eLibrary Database http://ssrn.com/abstract=372440
  • Gregory, A. (1997). An Examination of the Long Run Performance of UK Acquiring Firms. Journal of Business Finance & Accounting, 24, 971-1002.
  • Higson, C. & Elliott, J. (1998). Post-takeover Returns: The UK Evidence, Journal of Empirical Finance, 5, 27-46.
  • Kothari, S.P. & Warner, J.B. (2004, October). Econometrics of Event Studies. Retrieved January 18, 2008, from SSRN eLibrary Database http://ssrn.com/abstract=608601
  • Kothari, S.P. & Warner, J.B. (1997). Measuring Long-horizon Security Price Performance. Journal of Financial Economics, 43, 301-339.
  • Lewandowski, M. (2001). Fuzje i przejęcia w Polsce na tle tendencji światowych. Warszawa: WIG PRESS.
  • Limmack, R J. (2003). Discussion of Glamour Acquirers, Method of Payment and Post-acquisitions Performance: The UK Evidence. Journal of Business Finance & Accounting, 30, 343-350.
  • Loderer, C. & Martin, K. (1990). Corporate Acquisitions by Listed Firms: The Experience of a Comprehensive Sample. Financial Management, Winter, 17-33.
  • Lyon, J.D., Barber, B.M. & Tsai, C.L. (1999). Improved Methods for Tests of Long-run Abnormal Stock returns. The Journal of Finance, 54, 165-201.
  • Machała, R. (2005). Przejęcia i fuzje. Wpływ na wartość. Wrocław: Oficyna Wydawnicza UNIMEX.
  • Mitchell, M.L. & Stafford, E. (1999, October). Managerial Decisions and Long-Term Stock Price Performance. CRSP Working Paper, 453. Retrieved January 18, 2008, from SSRN eLibrary Database http://ssrn.com/abstract=94137
  • Moeller, S.B., Schlingemann, F.P. & Stulz, R.M. (2003). Do Shareholders of Acquiring Firms Gain from Acquisitions? NBER Working Paper Series. Retrieved January 18, 2008, from http://www.nber.org/papers/w9523
  • Perepeczo, A. & Zarzecki, D. (2006). Wyniki badań efektów finansowych przejęć na podstawie danych rynkowych spółek notowanych na warszawskiej giełdzie papierów wartościowych. In D. Zarzecki (Ed.), Zarządzanie finansami. Inwestycje i wycena przedsiębiorstw. Vol. I (pp.423-434). Szczecin: Uniwersytet Szczeciński.
  • Rau, P.R. & Vermaelen, T. (1998). Glamour, Value and the Post-Acquisition Performance of Acquiring Firms. Journal of Financial Economics, 49, 223-253.
  • Szyszka, A. (2002). Studium wydarzeń: reakcja inwestorów na publiczne wezwania do sprzedaży akcji. In D. Zarzecki (Ed.), Zarządzanie finansami. Klasyczne zasady - nowoczesne narzędzia (pp. 737-749). Szczecin: Uniwersytet Szczeciński.
  • Sudarsanam, S., Holl, P. & Salami, A. (1996). Shareholder Wealth Gains in Mergers: Effect of Synergy and Ownership Structure. Journal of Business Finance & Accounting, 23, 673-698.
  • Sudarsanam, S. & Mahate, A.A. (2003). Glamour Acquirers, Method of Payment and Post-Acquisition Performance: The UK Evidence. Journal of Business Finance & Accounting, 30, 299-341.
  • Sudarsanam, S. (2003). Creating Value from Mergers and Acquisitions. The Challenges. FTPrenticeHall.
  • Sudarsanam, S. (1998). Fuzje i przejęcia. Warszawa: WIG PRESS.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171193905

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