Publicação
Payment method, deal size, and market-adjusted acquirer returns in large United States mergers and acquisitions
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | |
| dc.contributor.advisor | Demirci, Irem | |
| dc.contributor.author | Venohr, Benjamin David | |
| dc.date.accessioned | 2026-05-12T10:01:44Z | |
| dc.date.available | 2026-05-12T10:01:44Z | |
| dc.date.issued | 2026-01-20 | |
| dc.date.submitted | 2025-12-16 | |
| dc.description.abstract | This work project studies how the method of payment affects acquirer stock performance in large US mergers and acquisitions. Using a sample of public bidders from 2010-2023 with deal value above 500 million dollars, I compute abnormal market-adjusted returns around announcement and up to one year after completion. Cross-sectional regressions show no significant payment effect at announcement, but stock-financed deals underperform cash-financed deals by around 10-13 percentage points at six and twelve months. Mixed offers lie in between, and the stock penalty is stronger for smaller transactions | eng |
| dc.identifier.tid | 204240034 | |
| dc.identifier.uri | http://hdl.handle.net/10362/203003 | |
| dc.language.iso | eng | |
| dc.relation | UID/00124/2025 | |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | |
| dc.subject | Mergers and acquisitions | |
| dc.subject | Payment method | |
| dc.subject | Stock versus cash | |
| dc.subject | Abnormal market-adjusted returns | |
| dc.subject | Deal size | |
| dc.subject | Method of payment choice | |
| dc.subject | United States acquirers | |
| dc.subject | Post-merger performance | |
| dc.title | Payment method, deal size, and market-adjusted acquirer returns in large United States mergers and acquisitions | eng |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| thesis.degree.name | A Work Project, presented as part of the requirements for the Award of a Master’s degree in Finance from the Nova School of Business and Economics |