The effect of company announcements of merger and acquisition processes on their price in the US stock market
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Metadatos
Mostrar el registro completo del ítemcomunitat-uji-handle:10234/158176
comunitat-uji-handle2:10234/71324
comunitat-uji-handle3:10234/97664
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Título
The effect of company announcements of merger and acquisition processes on their price in the US stock marketAutoría
Tutor/Supervisor; Universidad.Departamento
de Mingo-López, Diego VíctorFecha de publicación
2020Editor
Universitat Jaume IResumen
This study aims to analyze the impact of a merger or acquisition announcement on the price of
US listed shares. The study is based on 44 US companies that were involved in a merger or
acquisition process between ... [+]
This study aims to analyze the impact of a merger or acquisition announcement on the price of
US listed shares. The study is based on 44 US companies that were involved in a merger or
acquisition process between 2012 and 2019. For this study, daily returns and other variables
around the announcement day have been examined. Specifically, the analyses focus on the
differences between the pre- and post-announcement days in relation to the transaction
volume, gross returns, returns in excess of the market portfolio, and abnormal returns of each
stock derived from implementing the CAPM. This study yields positive and statistically significant
results on post-merger or acquisition announcement stock returns, generating abnormally high
returns up to 1 year after the announcement. [-]
Palabras clave / Materias
Descripción
Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021
Tipo de documento
info:eu-repo/semantics/bachelorThesisDerechos de acceso
info:eu-repo/semantics/openAccess