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

Research output: ThesisDoctoral 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 languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • The University of Western Australia
Award date23 Mar 2017
Publication statusUnpublished - 2016

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