Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/17380
Título: M&A Toeholds in Europe
Autor: Ferreira, Alberto Ippolito
Orientador: Norli, Øyvind
Palavras-chave: Mergers and Acquisitions (M&A)
Toeholds
Event Study
Cumulative Abnormal Return
Moderators of Shareholder’s Wealth
Data de Defesa: 30-Ago-2012
Resumo: This work focuses on toehold bidding in the European market, providing a comparison base with American studies. I carried out event studies to quantify Cumulative Abnormal Returns (CARs) as a representative measure of shareholder’s wealth in M&A transactions where a toehold is present. The headline statistically significant result of -1.28% in an [-2; +2] event window for core European countries falls short of what is expected when compared with American studies. This result is in line with the general idea of contradictory results often found in this field as stated in (Malatesta 1983). It agrees as well with the review of Haleblian et al. (2009) and with Franks and Harris (1989). It does not agree with Eckbo and Thorburn (2000), Carroll and Griffith (2010), Le and Schultz (2007) and Farinha and Miranda (2003). To control for other factors and characteristics of these events, I ran a cross sectional analysis while finding stock as method of payment and revenues of target as statistically significant moderators of shareholder’s wealth effects.
URI: http://hdl.handle.net/10400.14/17380
Aparece nas colecções:FCEE - Dissertações de Mestrado / Master Dissertations
R - Dissertações de Mestrado / Master Dissertations

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