search query: @indexterm Event Studies / total: 51
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| Author: | Campa, J.M. Hernando, I. |
| Title: | Shareholder value creation in European M&As |
| Journal: | European Financial Management
2004 : MAR, VOL. 10:1, p. 47-81 |
| Index terms: | Event studies Mergers Shareholder value Europe |
| Language: | eng |
| Abstract: | This article deals with the value generated to shareholders by the announcement of mergers and acquisitions involving companies in the European Union over the period 1998-2000. Cumulative abnormal shareholder returns due to the announcement of a merger reflect a revision of the expected value resulting from future synergies or wealth redistribution among stakeholders. Target company shareholders receive on average a statistically significant cumulative abnormal return of 9% in a one-month window centered on the announcement date. Acquirers' cumulative abnormal returns are null on average. |
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