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The Impact of M&A Characteristics on the Acquiring Companies' Value

Adolfsen, Christine Emilie; Jacobsen, Helene Schjøtt
Master thesis
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URI
https://hdl.handle.net/11250/2826058
Date
2021
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  • Master of Science [1116]
Abstract
We conduct an event study of acquiring companies' cumulative

abnormal returns as a reaction to merger and acquisition (M&A)

announcement news. The study is conducted using three { and

ve-day event windows for a sample of M&A deals in the Norwe-

gian stock market. We study the e ect of the characteristics of

the announcement on the wealth of the acquiring company's share-

holders, by examining the variation of cumulative abnormal return

related to di erent characteristics of the deal, target, and acquiring

company. Our ndings suggest that, overall, the acquiring rm's

shareholders earn a positive cumulative abnormal return over the

de ned event windows. However, we show that several M&A char-

acteristics (e.g., day of week, method of payment) hypothesized to

impact pricing of deals, are not signi cant predictors of acquirer

returns. We therefore question the traditional wisdom of whether

these metrics should matter to managers when announcing M&As.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2021
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Handelshøyskolen BI

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