Merger and Acquisition (M&A) Research in UK Firms

Xu, Zhan (2012) Merger and Acquisition (M&A) Research in UK Firms. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

With the developing interest to behavioural finance in the M&A researches, this paper attempts to find the relations among the bidders’ choice of payment, the market misvaluation and the bidders’ stock market performance in UK market, and investigate whether the investor sentiment theory and the market-timing hypothesis about the M&A activities hold in UK market. The researcher reviews past literatures related to the research and choose the reasonable approaches to measure the market misvaluation and the bidders’ stock market performance. After the data analysis, the study presents the brief relations among the bidders’ choice of payment, the market misvaluation and the bidders’ stock market performance in UK market, and indicates that the investor sentiment theory is almost supported by the empirical research in UK market, but limited support for most arguments in the market-timing hypothesis. Finally, the researcher thinks that different approaches for the measurements should be employ in the M&A future researches, in order to get robust findings.

Keywords: Merger, Acquisition, Behavioural Finance, Choice of Payment, Market Misvaluation, Stock Market Performance, Investor Sentiment, Market-Timing

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 08 Apr 2013 11:55
Last Modified: 18 Oct 2016 06:36
URI: http://eprints.nottingham.ac.uk/id/eprint/25721

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