Essais sur les fusions et acquisitions
(2010)
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- Abstract
- (en) Essays on Mergers and Acquisitions After providing a general framework of merger-acquisition, in particular as value-creating process, we examine empirically the effects of their announcement through three essays. First, we study the intraday market reactions to announcements in the United-States. We find gains for target firms, while acquiring firms do not earn significant abnormal returns. These results occur in a high trading activity and an improvement of liquidity. Second, we extend the analysis to the competitors of merging firms. Considering the Canadian evidence, the release of information affects negatively their rivals. Third, we study the conditions under which managers are more willing to listen to investors. Analyzing a sample of French acquisitions, we find that the well-connected managers are more likely to complete a deal in spite of a negative market reaction on acquisition announcement
- Affiliations
FUCaM Département des sciences de gestion
Citations
Filbien, J.-Y. (2010). Essais sur les fusions et acquisitions. https://hdl.handle.net/2078.5/148513