merger and acquisition phd thesis

This thesis is aimed to empirically investigate the performance impact of frequent acquisitions as an aggressive merger and acquisition (M&A) strategy for an acquiring firm. In literature related to the study of M&A, a common question is whether acquisitions improve the performance of acquirers. Neither theoretical nor empirical

This thesis consists of three independent essays on merger and acquisition (M&A) in the U.S. capital market. The first essay explores how the social tie with the acquirer's investment bank advisor influences the acquisition performance of the acquirer and the target. The second essay reconciles the behavioral theory and the rational theory of

Chief Academic Officer and Provost Sue Subocz, Ph.D. Walden University 2020 Abstract. Leadership Strategies for Improving Mergers and Acquisitions Performance. by. Alon Ben Jacob. MS, Technion, 2003. BA, Ben Gurion University, 1996. Doctoral Study Submitted in Partial Fulfillment. of the Requirements for the Degree of.

ARE CROSS-BORDER MERGERS AND ACQUISITIONS BETTER OR WORSE THAN DOMESTIC MERGERS AND ACQUISITIONS? THE UK EVIDENCE . by . Maha Diab Ayoush . A Thesis Submitted to . The University of Birmingham . For the degree of . DOCTOR OF PHILOSOPHY . Department of Accounting and Finance . Birmingham Business School . The University of Birmingham . November 2011

Essays on Mergers and Acquisitions by Di Li Chair: Amy K. Dittmar This dissertation examines two important issues of mergers and acquisitions. The first chapter structurally estimates acquiring managers' private benefits in takeovers. It shows that acquiring managers overvalue targets by 63% of target capitalization. As a result,

Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2019 Mergers and Acquisitions: Organizational Integration Strategies

This thesis consists of three essays. In the first essay, we examine the behavior of the implied volatility of both target and acquirer firms around merger and acquisition announcements. We find that option implied volatility is related to the bidder firm's announcement cumulative abnormal return (CAR-Bidder), the choice of the method of payment as well as the probability that the deal will ...

PhD thesis, University of Leeds. Abstract. Motivated by the empirical gaps on the linkages between corporate governance and Mergers and Acquisitions (M&A), and also by considering the interdependence of governance mechanisms, this thesis aims to provide a more nuanced understanding of the role of firm-level governance mechanisms in acquisition ...

Bank-Insurance Mergers and Acquisitions (M&A) and ... PhD, 2022 . Thesis Summary . This thesis investigates whether M&A between banks and insurance companies create or destroy shareholders' value using a global dataset spanning 1999 to 2019. The study makes three significant contributions to the literature. In Chapter 4, we find that the ...

This thesis focuses on the determinants of mergers and acquisitions (M&As) in the US and international market. To begin with, this thesis investigates whether the mega-mergers tend to cluster by time and industry and what is the cause of mega-merger waves. This research finds strong support for capital liquidity theory by Harford (2005). In contrast to the conclusion of Harford (2005), the ...

Mergers and Acquisitions. The process of identifying and evaluating a tar get fi rm, completing a deal. after its negotiation and announcement, and then integrating a target fi rm after. legal ...

Abstract. This thesis examines the impact of merger and acquisition (M&A) on innovation outputs. The focus is on two questions, a. evaluation of pre-acquisition characteristics of intangible asset capability (patent portfolio's) of target and acquiring companies and b. post-acquisition impact of M&As on the innovation outputs.

Mergers and Acquisitions: expected vs actual performance. A set of case study assessments by Marco SEBASTIANO Nowadays, when discussing about M&A (Merger and Acquisition), scholars and pro-fessionals agree in saying that it is one of the widest and most complex area of financial assessment in which analysts could come across.

"externally" through merger and acquisition (M&A).1 Macroeconomists often focus on the -rst channel, while only a few study the second channel. In contrast, growing through M&A is very common in the real world. In US, about 30% of -rms are involved in M&A in the last few decades.2 Expenditures on M&A have averaged about 5% of annual GDP.3

This thesis develops a composite index to evaluate takeover efficiency and deal quality, and then examines the impact of social connection on takeover process and acquisition performance with U.S mergers and acquisitions (M&A). Initially, Chapter 2 constructs a composite indicator ("M&A index") to measure takeover efficiency and evaluate ...

Abstract. The aim of this paper is to examine the impact of post merger and acquisitions on value creation. The paper also analyses the impact of lagged synergy (a proxy of sales growth) on the ...

Brunel University London. Abstract: This thesis is aimed to empirically investigate the performance impact of frequent acquisitions as an aggressive merger and acquisition (M&A) strategy for an acquiring firm. In literature related to the study of M&A, a common question is whether acquisitions improve the performance of acquirers.

mergers and acquisitions will be addressed shortly. The final part will go into the results of research on the effects of mergers and acquisitions. Mergers and acquisitions have effects in many different areas however the focus of this work is on the cost, profit, and share price effects. Other effects will be mentioned when it is relevant.

This thesis examines the effects of bank mergers on acquiring banks' default risk and on their contributions to systemic risk using an international merger sample, covering the period between 1998 and 2015. Furthermore, it investigates whether the changes in acquirers' default risk after acquisitions have impacts on banking firms' stockholders (idiosyncratic risk); or whether they spread ...

This PhD thesis consists of three essays which are interlinked by two themes - the problem of risk and information asymmetry in cross-border mergers and acquisitions carried out by UK investors. Majority of empirical research in finance, and in particular in mergers and acquisitions focuses on the US outward investments.

Bachelor Thesis Economics and Business Economics Financial Accounting A Literature Review on Mergers and Acquisitions Joep D. Hijmans 381522 28 July 2022 Abstract Using prior academic literature, this thesis gathers and combines information on mergers and acquisitions (M&A) to provide a better understanding of this topic.

This dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically important. Exploiting a natural experiment, this thesis identifies the causal link between financial distress and ...

New research on mergers and acquisitions from Harvard Business School faculty on issues including M&A strategy, when retention bonuses are worth the investment, and what happens when small iconic brands associated with social values are acquired by large companies. Page 1 of 13 Results