The Effect of Mergers and Acquisitions on Firm’s Performance: Evidence from the High-tech Industry in the US Market
Peng, Lin (2014) The Effect of Mergers and Acquisitions on Firm’s Performance: Evidence from the High-tech Industry in the US Market. [Dissertation (University of Nottingham only)] (Unpublished)
In the finance literature, there is an important stream which examines the stock market reactions to merger and acquisition (M&A) activities, in both the short run and long run. Although most evidence indicates significantly positive post-merger returns to targets, the empirical researches fail to reach a consistent conclusion for acquirers. This paper tries to examine the stock market abnormal performance of the acquiring firms around the merger announcement date in the short run by focusing on the U.S. stock market. In addition, this paper specifically looks at the mergers and acquisitions in the high-tech industries, in order to determine whether the research is sensitive to the choice of industry sectors.
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