A study of acquiring firm returns around merger and acquisition (M&A)announcements with a focus on multiple acquisitions and director trading

Md Mosharraf Hossain

A study of acquiring firm returns around merger and acquisition (M&A)announcements with a focus on multiple acquisitions and director trading

Md Mosharraf Hossain

UWA Business School

Research output: Thesis › Doctoral Thesis

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Abstract

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.

Original language	English
Qualification	Doctor of Philosophy
Awarding Institution	The University of Western Australia
Supervisors/Advisors	Heaney, Richard, Supervisor Yu, Jing, Supervisor Liu, Frank, Supervisor Koh, SzeKee, Supervisor
Award date	23 Mar 2017
Publication status	Unpublished - 2016

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THESIS - DOCTOR OF PHILOSOPHY - HOSSAIN Md Mosharraf - 2016
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abstract = " 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. ",

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AB - 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.

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A study of acquiring firm returns around merger and acquisition (M&A)announcements with a focus on multiple acquisitions and director trading

Abstract

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