haku: @author Bühner, R. / yhteensä: 28
viite: 15 / 28
| Tekijä: | Bühner, R. |
| Otsikko: | Reaktionen des Aktiemarkets auf Unternehmenzusammenschlüsse - eine empirische Untersuchung. |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1990 : APR, VOL. 42:4, p. 295-316 |
| Asiasana: | MERGERS SHARE PRICES FEDERAL REPUBLIC OF GERMANY |
| Kieli: | ger |
| Tiivistelmä: | The analysis of stock market reactions is commonly used to measure stockholder returns from mergers and acquisitions. The paper presents empirical evidence from the Federal Republic of Germany. The results for 90 acquiring firms show negative abnormal returns of 9.38 per cent during the period under study ranging from 24 months before to 24 months after the merger. Stockholders of acquired firms gained 27.09 per cent. By dividing mergers according to their way of diversification it was found that acquiring firms merging for product extension performed best whereas pure conglomerates had the worst results. Negative abnormal return had been less for small acquisitions than for large ones. |
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