Has the financial crisis changed investor receptions toward M&A announcements? Evidence from the European M&A market

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Önal, Bunyamin
dc.contributor.author Ahovuo, Mikael
dc.date.accessioned 2017-08-17T08:18:16Z
dc.date.available 2017-08-17T08:18:16Z
dc.date.issued 2016
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/27647
dc.description.abstract This thesis analyzes changes in M&A announcement effects on the acquirer’s stock during and after the climax of the 2008 global financial crisis in the continental Europe M&A market. While existing literature offers varying results on the matter, generally stocks of acquirers have been historically proven to generate significant negative abnormal returns in proximity of the announcement date in Europe. All-cash deals have historically underperformed all-equity financed deals in abnormal return generation and occasionally being negative, but I find evidence that after the latest financial crisis the announcement effects have started to generate positive abnormal returns on all-cash acquisitions. I apply event study methods as well as two parametric and one non-parametric statistical test to analyze the changes in abnormal returns in three mutually exclusive timeframes between 1/2002 and 10/2016. en
dc.format.extent 21
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Has the financial crisis changed investor receptions toward M&A announcements? Evidence from the European M&A market en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword M&A en
dc.subject.keyword announcement effect en
dc.subject.keyword financial crisis en
dc.subject.keyword event study en
dc.identifier.urn URN:NBN:fi:aalto-201708176551
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus fi


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