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Merger waves: the effect on post-merger corporate Pperformance
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Resumo(s)
The research offers a thorough analysis of the influence of historical merger waves on post merger corporate performance. Through the application of statistical tests and regressions, I
show that mergers and acquisitions initiated during merger waves are associated with higher
short-term abnormal stock returns and lower long-term abnormal stock returns. In contrast to
existing research, I use the Fama–French three-factor model to measure the cumulative
abnormal stock performance of acquirers for two-day, two-year, and three-year periods
following the acquisition.
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Palavras-chave
Merger & acquisitions M&A Merger waves Corporate performance Long-Tterm abnormal returns Short-term abnormal returns Value Ccreation Off-wave On-wave Wealth effect