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Do mergers and acquisitions create value? : determinants of value creation and post-merger accounting performance
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This thesis investigates whether mergers and acquisitions (M&A) create value for acquiring firms in the US financial industry. Moreover, it explores which specific deal characteristics are statistically associated with the creation of value and post-merger performance. The results broadly point to evidence of market anticipation, as acquiring firms experience positive abnormal returns during the time prior to the announcement. In contrast, the market reaction at the time of the announcement is mostly negative, suggesting that investors have a more sceptical attitude towards acquisitions. Looking at the factors that impact value creation, acquisitions of private targets are associated with positive and statistically significant abnormal returns across several event windows. By contrast, evidence regarding acquirer size is less clear, and the results do not support a definitive conclusion on whether more value is created by larger or smaller acquirers. Some findings also suggest that interbank mergers tend to have a poor impact on value. The analysis done on post-merger accounting performance produced mixed results. While some profitability ratios declined in the two years after the M&A event, measures of cost efficiency show modest improvements. Overall, the aim of this thesis is to provide an examination of value creation across the broader financial sector, rather than focusing solely on banks. It also brings about new evidence concerning deal characteristics associated with both shareholder value creation and post-merger accounting performance.
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M&A Value creation determinants Post-merger performance Determinantes da criação de valor Desempenho pós-fusão
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Licença CC
Sem licença CC