Effects of payment methods on shareholder’s wealth and the determinants of payment choices

Tiansheng, Zhu (2016) Effects of payment methods on shareholder’s wealth and the determinants of payment choices. [Dissertation (University of Nottingham only)]

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Abstract

This study utilized the empirical methodologies to examine the impacts of M&A on shareholder wealth, and determinants of payment choices in M&A deals. The sample is of 338 M&A from 2006 to 2016 by Asia-Pacific listed firms who have successfully completed the transactions.

Majority of previous studies were investigating the western developed markets, such as the US and Western Europe markets. However, only a few studies paid attention to the other markets, such as the Asia-Pacific markets, where includes both of developed and developing markets. As the M&A transaction volume increased rapidly in Asia-Pacific markets in these decades, it begs the question of whether the results found in the western developed markets are still applicable to the Asia-Pacific markets.

Overall, the empirical results in this paper are consist with previous studies. The acquiring shareholders enable to obtain a significant positive return around the announcement date in Asia-Pacific markets. However, in contrast with majority previous researches, equity-involved offer could earn a higher abnormal return than cash deal in Asia-Pacific markets. Moreover, by employing Logit regression and Ordered Probit regression, the evidences show that acquirer’s choice of payments are depend on some particular factors.

Item Type: Dissertation (University of Nottingham only)
Depositing User: Zhu, Tiansheng
Date Deposited: 13 Mar 2017 11:52
Last Modified: 20 Mar 2017 01:16
URI: http://eprints.nottingham.ac.uk/id/eprint/36591

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