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dc.contributor.author
Hatzikyriakos, Grigorios
en
dc.date.accessioned
2015-05-28T10:10:18Z
dc.date.available
2015-09-27T05:56:13Z
dc.date.issued
2015-05-28
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/98
dc.rights
Default License
dc.title
Critical evaluation of M&As in the European shipping industry
en
heal.type
masterThesis
heal.keyword
Dissertations, Academic
en
heal.keyword
Shipping--European Economic Community countries
en
heal.keyword
Shipping--Evaluation
en
heal.keyword
Shipping--Mergers--European Economic Community countries
en
heal.keywordURI.LCSH
Mergers and Acquisitions
en
heal.keywordURI.LCSH
Shipping Companies
en
heal.keywordURI.LCSH
Maritime Sector
en
heal.keywordURI.LCSH
Targets and Acquirers
en
heal.keywordURI.LCSH
Shareholder Value
en
heal.keywordURI.LCSH
Event Study Analysis
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2012-10-10
heal.bibliographicCitation
Hatzikyriakos Grigorios, 2012, Critical evaluation of M&As in the European shipping industry, Master's Dissertation, International Hellenic University
en
heal.abstract
The international shipping industry has been undergoing major structural changes caused by a number of factors. Shipping companies have responded to the continuously growing demand for maritime transport and the intense competition by engaging in mergers and acquisitions or by forming other cooperative agreements. This paper examines the activity of M&As in European shipping companies the last fifteen years and the incentives that lead firms to these transactions. The purpose of the study is to investigate value implications of mergers and acquisitions in both targets’ and acquirers’ shareholders at the announcement date and how this is portrayed on their stock values. The methodology used is the event study analysis which is carried out with two models and the multivariate analysis. The two models are the market adjusted model and the market model. According to each application, the empirical findings indicate the positive effect that M&A announcements cause in companies’ stock returns. However, the profits that accrue from such a transaction are higher from the perspective of the targets’ shareholder value. The impact of mergers and acquisitions plays a significant role for shipping companies in order to create higher financial value.
en
heal.tableOfContents
1. Introduction ............................................................................................................................ 5 2. Literature Review .................................................................................................................. 8 i) Shipping Literature Review ................................................................................................ 8 ii) Other Literature Review on M&A transactions .............................................................. 10 3. Mergers and Acquisitions, Motivations and Reasons of Failure ......................................... 11 4. Data set and Methodology ................................................................................................... 16 i) Information regarding the specific M&A ......................................................................... 16 ii) Event study methodology ................................................................................................ 17 iii) Multivariate analysis ...................................................................................................... 22 5. Empirical Results ................................................................................................................. 23 i) Descriptive statistics of the data set ................................................................................. 23 ii) Evaluation of ARs’ and CARs’ significance ................................................................... 25 iii) Significance of quantitative variables ............................................................................ 31 6. Conclusion ........................................................................................................................... 33 7. References ............................................................................................................................ 34 i) Paper Resources ............................................................................................................... 34 ii) Electronic Resources ....................................................................................................... 36 8. Table of Illustrations ............................................................................................................ 37 i) List of Tables .................................................................................................................... 37 ii) List of Figures ................................................................................................................. 42
en
heal.advisorName
Syriopoulos
en
heal.committeeMemberName
Syriopoulos
en
heal.committeeMemberName
Artikis
en
heal.committeeMemberName
Tsekrekos
en
heal.academicPublisher
School of Economics & Business Administration MSc in Banking & Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
44
heal.fullTextAvailability
true


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