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Abstract(s)
O objectivo desta tese é de examinar o impacto no preço das ações da empresa adquirente
causado pelo anúncio de aquisição de outra empresa, diferenciando entre transações
domésticas, de inbound e outbound de mercados emergentes assim como entre transações de
diversificação ou focadas numa indústria. Adicionalmente, fatores contextuais que impactam
os padrões de criação de valor observados no estudo podem ser determinados. Os resultados,
que foram obtidos através de uma amostra de 1,434 transações num periodo de tempo desde
Janeiro de 2000 até Janeiro de 2016 e considerando uma janela de acontecimento de 21dias de
trading (-10, +10) sobre o anúncio, sugerem que as trasações das empresas alvo e adquirentes
em mercados emergentes criam, em média, o maior valor com um CAAR de 2.41% em
comparação com M&A outbound e inbound com CAARs de 1.32% e 1.26% respetivamente.
Adicionalmente, aquisições de diversificação criam um maior valor para os acionistas do que
transações focadas numa indústria tanto para mercados desenvolvidos como emergentes.
Finalmente, os resultados da regressão OLS sugerem que existe uma correlação positiva entre
a criação de valor para os acionistas da empresa adquirente e a dimensão relativa da
transação, o estatuto legal privado da empresa-alvo assim como o método de pagamento
(dinheiro e ações). Por outro lado, a percentagem de controlo adquirida não foi comprovada
como significante.
The aim of this thesis is to examine the value impact on acquiring companies’ share prices caused by takeover announcements, differentiating between domestic, inbound and outbound emerging markets transactions as well as between industry diversifying and industry focused M&A. Additionally contextual factors shall be determined that drive the value creation patterns observed in the event study. The results obtained for a total sample of 1,434 transactions in a time period from January 2000 until January 2016 and an event window of 21 trading days (-10,+10) around the announcement day suggest that transactions with target and acquiring companies coming from emerging markets on average create the highest value with a CAAR of 2.41% in comparison to outbound and inbound M&A with CAARs of 1.32% and 1.26% respectively. Additionally, industry diversifying takeovers are equally superior to focused transactions in terms of value creation for both developed and emerging markets acquiring companies engaged in outbound and inbound M&A respectively. Finally, OLSregression results suggest that there is a positive correlation between acquiring firms’ shareholder value creation and relative deal size, non-public legal status of the target company as well as a combined payment method (cash and stock), whereas for the percentage of ownership acquired no statistically significant results are obtained.
The aim of this thesis is to examine the value impact on acquiring companies’ share prices caused by takeover announcements, differentiating between domestic, inbound and outbound emerging markets transactions as well as between industry diversifying and industry focused M&A. Additionally contextual factors shall be determined that drive the value creation patterns observed in the event study. The results obtained for a total sample of 1,434 transactions in a time period from January 2000 until January 2016 and an event window of 21 trading days (-10,+10) around the announcement day suggest that transactions with target and acquiring companies coming from emerging markets on average create the highest value with a CAAR of 2.41% in comparison to outbound and inbound M&A with CAARs of 1.32% and 1.26% respectively. Additionally, industry diversifying takeovers are equally superior to focused transactions in terms of value creation for both developed and emerging markets acquiring companies engaged in outbound and inbound M&A respectively. Finally, OLSregression results suggest that there is a positive correlation between acquiring firms’ shareholder value creation and relative deal size, non-public legal status of the target company as well as a combined payment method (cash and stock), whereas for the percentage of ownership acquired no statistically significant results are obtained.
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Keywords
Event study Emerging markets M&A Cross-border acquisitions Inbound Outbound Abnormal returns Value creation