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dc.contributor.author
Krikopoulou, Christina
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dc.date.accessioned
2015-12-09T11:45:17Z
dc.date.available
2015-12-10T01:00:14Z
dc.date.issued
2015-12-09
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/12410
dc.rights
Default License
dc.subject
Finance
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dc.subject
Mergers
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dc.subject
Stock market returns
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dc.subject
Mergers and acquisitions
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dc.subject
Event study analysis
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dc.subject
Bidding firms
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dc.subject
Shipping industry
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dc.title
Stock Market Reaction of Bidding firms to Merger and Acquisition Announcements in the Shipping Industry
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heal.type
masterThesis
el
heal.creatorID.email
c.krikopoulou@ihu.edu.gr
heal.generalDescription
Study refers to an academic evaluation of the stock market reaction of the bidding firms in liner shipping industry on the announcement day
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heal.keyword
Mergers
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heal.keyword
Shipping
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heal.keyword
Stock Market Reaction
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heal.keyword.LCSH
Dissertations, Academic
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heal.keyword.LCSH
Shipping--Mergers
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heal.keyword.LCSH
Letting of contracts
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heal.keyword.LCSH
Stock exchanges
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heal.keyword.LCSH
Consolidation and merger of corporations
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heal.language
en
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heal.access
free
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heal.license
http://creativecommons.org/licenses/by-nc/4.0
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
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heal.publicationDate
2015-11-28
heal.abstract
Mergers and acquisitions have proved to be the most effective strategies towards the completion and achievement of the organizational objectives of shipping firms. The importance of this corporate event is evidenced by the increasing number of transactions that took place in recent years. The purpose of this dissertation is to investigate the stock market reaction of listed bidding shipping firms to the announcement of a merger or an acquisition. The transactions of mergers do not only create value on the merging enterprises, but also generate a positive or negative wealth effect for the shareholders of bidding firms. Employing the classical event study methodology of the dataset consists of 172 mergers and acquisitions that occurred between 2000 and 2014. Empirical results revealed positive abnormal and cumulative abnormal returns for the acquiring firms on the announcement day and period, respectively.
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heal.tableOfContents
1. Introduction ____________________________________________________ 8 2. International Literature on Mergers and Acquisitions _____________________ 9 2.1 M&A Motives _________________________________________________ 10 2.1.1 Operational Synergy _________________________________________ 10 2.1.2 Financial Synergy ___________________________________________ 10 2.1.3 Managerial Synergy __________________________________________ 11 2.2 Theoretical Frameworks regarding the rationale for mergers and acquisitions 11 2.2.1 Managerial Hypothesis _______________________________________ 11 2.2.2 Value Maximizing Hypothesis __________________________________ 11 2.2.3 Non-Value Maximizing Hypothesis ______________________________ 11 2.2.4 Inefficient Management Hypothesis______________________________ 12 2.3 Historical Background of M&As __________________________________ 12 2.4 Classification of Mergers and Acquisitions __________________________ 14 2.4.1 Horizontal M&As ____________________________________________ 14 2.4.2 Vertical M&As ______________________________________________ 14 2.4.3 Conglomerates _____________________________________________ 15 3. Mergers and Acquisitions on Shipping Industry ________________________ 15 3.1 Feedback on Maritime Sector ____________________________________ 15 3.2 Reasons why shipping firms are engaged into M&As __________________ 17 3.3 Wealth Effect of M&As in Shipping ________________________________ 18 3.4 Deal Characteristics ___________________________________________ 19 3.4.1 Announcement Effect ________________________________________ 19 3.4.2 Types of Deal ______________________________________________ 19 3.5 Reasons of Failure ____________________________________________ 20 4. Sample Selection and Data Describing ______________________________ 21 4.1 Research Methodology _________________________________________ 22 4.1.1 Event- Study Approach _______________________________________ 22 4.1.2 Market Model Application _____________________________________ 23 5. Empirical Results _______________________________________________ 25 5.1 Analysis of the Entire Sample ____________________________________ 25 2 5.2 Comparison of the abnormal returns of the models ___________________ 27 5.3 Pre-Crisis and Post-Crisis Period _________________________________ 28 5.4 Cash Vs Stock Financed M&As __________________________________ 31 5.5 Regression Analysis ___________________________________________ 33 6. Conclusions ___________________________________________________ 36 References _______________________________________________________ 39
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heal.advisorName
Dasilas, Apostolos
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heal.advisorID
a.dasilas@ihu.edu.gr
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heal.committeeMemberName
Dasilas, Apostolos
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heal.academicPublisher
IHU
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heal.academicPublisherID
ihu
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heal.numberOfPages
42
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