Announcement returns during M&A USA 2000-2019: Can they predict the outcome and do managers learn from them?

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorUngeheuer, Michael
dc.contributor.authorKlaavu, Henri
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2020-12-06T17:05:38Z
dc.date.available2020-12-06T17:05:38Z
dc.date.issued2020
dc.description.abstractI examine whether the success of M&A can be predicted from the market reaction of the announced deal and do managers learn from the announcement returns from 2000 to 2019 in the USA. I create probit regressions and run them to find out predictability and learning. In the learning part of the study market capitalization is controlled. I find that the combined return of companies does not predict the completion of the merger, but the announcement return of the target does. Furthermore, the managers do not seem to learn from the shareholders’ reaction after the announcement and this is consistent regardless of the market capitalization of the bidder.en
dc.format.extent20 + 3
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/97308
dc.identifier.urnURN:NBN:fi:aalto-2020120656142
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordM&Aen
dc.subject.keywordAnnouncement returnen
dc.subject.keywordLearningen
dc.subject.keywordMergeren
dc.subject.keywordAcquisitionen
dc.titleAnnouncement returns during M&A USA 2000-2019: Can they predict the outcome and do managers learn from them?en
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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