Mergers and Acquisitions: Shareholder Wealth Effects of Domestic, Cross-Border, and Cross-Continental Mergers and Acquisitions

11405 Words Nov 12th, 2011 46 Pages
Master Thesis in Finance Mergers and Acquisitions

Shareholder wealth effects of domestic, cross-border, and cross-continental mergers and acquisitions

26 November 2009

Abstract
This study analyses the differences in short-term shareholder wealth effects of domestic, cross-border and cross-continental mergers and acquisitions (M&As). Differences between wealth effects of domestic and cross-border M&As are expected since companies in crossborder M&As face differences in the economic environment. Furthermore, larger differences are expected in cross-continental M&As due to larger differences in the economic environment.

In order to analyse differences in shareholder wealth effects an even study was conducted to measure the
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18 4.1 4.2 4.3 4.4 4.5 4.6 4.7 CAAR: Bidders.......................................................................................................... 18 CAAR: Targets .......................................................................................................... 19 CAAR: Domestic, Cross-Border, or Cross-Continental ............................................ 20 CAAR: Friendly or Hostile........................................................................................ 22 CAAR: Means of Payment ........................................................................................ 24 CAAR: Successful or Unsuccessful .......................................................................... 25 Regression Analysis .................................................................................................. 26

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Conclusion ........................................................................................................................ 28 References ......................................................................................................................... 30 6.1 6.2 Books ......................................................................................................................... 30 Academic articles ...................................................................................................... 30

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