SERIAL ACQUIRERS AND LONG-TERM STOCK PRICE REACTIONS
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Date
2023-12-11
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Nazarbayev University Graduate School of Business
Abstract
This thesis explores the long-term impact of serial acquisitions on acquirers' stock performance, focusing on UK and European companies from January 2000 to August 2024. Using event study methodologies, including event dummy regressions and a modified Almon-lag approach, the study uncovers patterns in stock price behavior following acquisitions.
The findings reveal that while UK acquirers experience immediate positive market reactions, European acquirers, particularly in Milan and Euronext, show prolonged but delayed positive effects. Market factors consistently influence excess returns, emphasizing the role of broader market dynamics. However, industry-level analysis highlights significant heterogeneity, with some results constrained by sample sizes.
This research provides valuable insights into the stock price dynamics of serial acquirers, offering implications for corporate growth strategies and financial markets.
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Keywords
M&A, Serial acquirers, CARs, Type of access: Embargo
Citation
Malikova, A. (2023). SERIAL ACQUIRERS AND LONG-TERM STOCK PRICE REACTIONS. Nazarbayev University Graduate School of Business