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Do cross-border M&A create value for the bidder’s shareholders?: Empirical evidence from American pharmaceutical companies
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
2019 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Using a sample of 33 completed U.S. international mergers and acquisitions (M&A) operating in the pharmaceutical sector and made during the past five years (28/04/2014 – 28/04/2019), this bachelor thesis aims to examining the frequently documented effects of stock price returns around M&A announcements and the determinants of deal value as measured by the bidder’s cumulative abnormal returns for cross-border M&A. Looking at the outcome of abnormal returns for acquirer in event period [-10, 10], only small deviations from zero are observed for the days around the announcement date. It is found that the price-specific variable stock run-up as well as the deal- characteristics payment mode has significant impact on acquirer CAR, and the insignificance of firm- characteristics is mainly due to the limited number of observations. 

Place, publisher, year, edition, pages
2019. , p. 52
Keywords [en]
M&A, announcement effect, cumulative abnormal returns, short-term stock price determinants
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:lnu:diva-85571OAI: oai:DiVA.org:lnu-85571DiVA, id: diva2:1326887
Supervisors
Examiners
Available from: 2019-06-20 Created: 2019-06-18 Last updated: 2019-06-20Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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Output format
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