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An empirical investigation of the determinants of acquisition premia on the european merger market
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Orientador(es)
Resumo(s)
This study examines how variables proposed by related literature
affect the acquisition premium on the European merger market. In
particular, the determinants of premia were investigated from
several viewpoints based on a sample of 493 transactions. Results
(i) confirm recent findings to a large extent; however, some
variables lose explanatory power when controlling for external
influences. (ii) The value of control and stock market momentum
statistically explain the European acquisition premium best. (iii)
The European acquisition premium is slightly higher than in the
US, despite similar determinants.
Descrição
Palavras-chave
Mergers and acquisitions European M&A Acquisition premium Target and acquirer characteristics Merger momentum Deal characteristics