University of Twente Student Theses
Do cross-border mergers and acquisitions increase short-term market performance? The case of Russian firms.
Heuver, T. (2019) Do cross-border mergers and acquisitions increase short-term market performance? The case of Russian firms.
|
PDF
1MB |
| Abstract: | The purpose of this study is to test the impact of the announcement of cross-border mergers and acquisitions in the short-term market reaction of Russian acquiring firms, based on the signalling theory, institution-based view, agency theory, and synergy theory. The study is conducted using the event study method to measure the short-term stock market performance after the announcement between the period 2010 and 2019. The results of the event study show positive significant short-term market reactions for event window (-4, -3) for the IMOEX and (-4, -3) and (-1, +2) for the S&P 500, and negative short-term stock market reactions for event window (-2, +2). Detailed analysis of the explanatory variables lacks evidence to conclude that the explanatory variables that were used in this study affect the short-term stock market reaction significantly, positive or negative, after the announcement of Russian firms to execute cross-border mergers and acquisitions. The control variables show the same patterns as the explanatory variables, there lacks evidence to conclude that there exists a significant relationship between the control variables and the short-term stock market reaction after the announcement of cross-border mergers and acquisitions by Russian firms. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 83 economics |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/79727 |
| Export this item as: | BibTeX EndNote HTML Citation Reference Manager |
Show download statistics for this publication
Show download statistics for this publicationRepository Staff Only: item control page