This thesis investigates acquiring firm stock market reaction around merger and acquisition (M&A) announcement date. Using a sample of 1294 M&A announcements spanning the period 2003 and 2012, it is found that the stock market reacts more positively to M&A announcements by single acquirers than by multiple acquirers. Further, for multiple acquirers, the stock market reacts more positively to first M&A deals than successive deals. Finally, it is found that the stock market reacts more positive to M&A announcements where acquiring firm directors do not trade prior to an M&A announcement.
|Qualification||Doctor of Philosophy|
|Award date||23 Mar 2017|
|Publication status||Unpublished - 2016|