Why do financial acquirers pay less than strategic acquirers? The impact of industry characteristics on the premium difference

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorKasanen, Eero
dc.contributor.authorAgiashvili, Georgi
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2017-08-17T13:20:19Z
dc.date.available2017-08-17T13:20:19Z
dc.date.issued2017
dc.description.abstractThis study provides new evidence on the role of industry characteristics in the difference of premiums paid by strategic and financial acquirers. Consistent with Bargeron, Schlingemann, Stulz and Zutter (2008), I show that financial acquirers do indeed pay smaller premium than strategic acquirers. Further, I find evidence that supports the hypothesis that financial acquirers prefer target companies in mature industries. Moreover, there is suggestive evidence that target company’s industry has a relatively high impact on the amount of premium paid by a financial acquirer.en
dc.format.extent28
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/27742
dc.identifier.urnURN:NBN:fi:aalto-201708176646
dc.language.isoenen
dc.programmeRahoitusfi
dc.subject.keywordacquisitionen
dc.subject.keywordpremiumen
dc.subject.keywordfinancial acquireren
dc.subject.keywordstrategic acquireren
dc.subject.keywordindustryen
dc.titleWhy do financial acquirers pay less than strategic acquirers? The impact of industry characteristics on the premium differenceen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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