This dissertation thesis examines the field of M&A in shipping industry. The
basic purpose of this research is to investigate the behavior of shipping firms’ stock
returns before and after the announcements of takeover deals. Moreover, it brings into
focus the corporate governance implications in a potential corporate deal. The sample
of employed event study analysis is constituted of the biggest M&A deals during the
last decade in order to evaluate the synergistic effects of an M&A in shareholders’
value. Furthermore, this paper assesses some major corporate governance characteristics
of the acquirer with the most important value creation. The empirical results indicate the
positive impact that M&A announcements of company takeovers cause in shareholders’
value. This impact of corporate deals is highly important and creates financial value
especially for the target firm in the shipping industry. The empirical findings underline
the central role of corporate governance in the shipping firms which can influence the
response of a firm in a potential corporate deal.
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